Full FY 2026-27 Timeline
Work out exactly how much you owe for each installment.
Use the Advance Tax Calculator →Who Actually Needs to Pay Advance Tax?
Advance tax isn't optional for most taxpayers with a meaningful tax liability. You're required to pay it if your total estimated tax for the year, after TDS, exceeds ₹10,000. This catches far more people than most expect — not just business owners, but salaried employees with significant rental income, capital gains, or interest income that isn't fully covered by TDS.
Senior citizens (60 years or older) without any business or professional income are exempt from paying advance tax, even if their liability crosses ₹10,000. Everyone else — including freelancers, consultants, and salaried individuals with side income — needs to estimate and pay in installments rather than waiting until filing time.
The presumptive taxation exception
If you've opted for presumptive taxation under Section 44AD or 44ADA (common for small businesses and professionals), you get a simplified schedule: the entire advance tax liability can be paid in a single installment by 15 March, instead of spreading it across four dates.
What Happens If You Miss a Deadline
Missing an income tax deadline in India isn't a one-size-fits-all penalty — the consequences depend on which specific deadline you missed.
| Missed Deadline | Consequence |
|---|---|
| Advance tax installment | Interest under Section 234C (1% per month on the shortfall) and potentially 234B if total advance tax paid falls short of 90% of final liability |
| 31 July ITR deadline | Late filing fee under Section 234F — up to ₹5,000 (₹1,000 if total income is below ₹5 lakh) — plus interest under 234A on any unpaid tax |
| Not filing at all by 31 December | You lose the ability to file for that year through the normal process; certain losses (except house property loss) can no longer be carried forward |
Interest under Section 234A, B, and C — what's the difference?
- 234A — charged when you file your return after the due date and still have tax outstanding; 1% per month (or part of a month) on the unpaid amount.
- 234B — charged when you've paid less than 90% of your total tax liability as advance tax by 31 March; 1% per month on the shortfall.
- 234C — charged specifically for deferring an individual installment, even if you eventually pay the full amount by year-end; calculated installment-by-installment rather than on the annual total.
Belated Return vs Revised Return — What's the Difference?
These two terms get confused constantly, but they solve different problems:
- Belated return — you filed nothing by 31 July, and you're filing for the first time after the deadline. You'll owe the late fee and interest described above.
- Revised return — you already filed on time, but made an error (wrong bank account, missed income, wrong deduction) and need to correct it. No late fee applies since you filed originally on time — but if the correction increases your tax liability, interest may still apply on the additional amount.
Both currently share the same outer deadline — 31 December of the assessment year — after which neither option remains available for that year through normal means.
Does the Deadline Ever Get Extended?
Yes — the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline in several recent years, sometimes due to portal issues, changes in ITR forms, or other administrative reasons. Extensions are typically announced close to the original deadline, not months in advance. Never assume an extension will happen — plan to file by the original date, and treat any extension as a bonus rather than something to rely on.
TDS Compliance Dates (For Employers & Deductors)
If you run a business or are responsible for deducting TDS on payments (salary, rent, professional fees, contractor payments), you have your own separate compliance calendar:
- 7th of every month — TDS deducted in the previous month must be deposited with the government
- 31 July, 31 October, 31 January, 31 May — quarterly TDS return filing deadlines for Q1 through Q4 respectively
- 15 June — Form 16 (annual TDS certificate) must be issued to employees for the prior FY
Frequently Asked Questions
Due dates are based on standard rules and can be extended by government notification, especially the ITR filing deadline. Always confirm current deadlines on the Income Tax Department website before the date approaches.