July is an important month for taxpayers, with several important tax compliance deadlines falling during the month. From filing your income tax return to depositing tax deducted at source, missing these deadlines could lead to late fees, interest and other such penalties.
Whether you’re a salaried employee, a business owner or an employer, knowing about these deadlines and adhering to them can save you from last-minute stress and consequences for non-compliance.
Key tax deadlines in July
After June 30, taxpayers and businesses must prepare for several key deadlines in the upcoming month. Here are six deadlines to keep in mind in July 2026.
- July 7: Due date for depositing for the April-June quarter in cases where the quarterly payment approval has been granted. Tax deductors covered under this provision must ensure the tax is deposited by the due date to avoid interest and other consequences for delayed payment.
- July 15: Multiple reporting obligations become due on this date, particularly for government offices, stock exchanges, authorised dealers, IFSC units, and intermediaries dealing with non-resident investors.
- July 30: Tax deductors must file the challan-cum-statement for specified tax deducted during June.
- July 31: This is the most important tax compliance due date of the month for taxpayers. Individuals filing ITR-1 and ITR-2 for FY26 must submit their tax return by this date. If you miss the deadline, then you will have to file the belated returns which comes with an additional cost.
- July 31: This is also the due date for filing various quarterly TDS and TCS returns for the quarter ended June 30, including TDS statements for salary payments and payments made to non-residents.
- July 31: This is also the deadline for submitting some prescribed forms. This includes Form 10BA for claiming claiming deduction under Section 80GG on rent paid, Form 10E for claiming relief on salary received in arrears or in advance, and Forms 10H, 10CCE and 10CCD for specified foreign income and royalty-related deductions.
What happens if you miss ITR deadline?
Missing the triggers late fees, interest on unpaid tax, and the loss of your right to carry forward certain investment or business losses. However, you can still file a belated return by December 31 of the assessment year, or an updated return (ITR-U) within 24 months for an additional fee.
For example, the due date for filing returns for FY 2025-26 is July 31, 2026. If you miss filing the return filing by the due date, you can still file the by December 31, 2026. However, you are required to pay the penalty for late filing.
A penalty of ₹5,000 or ₹1,000 can be imposed depending on the income of the taxpayer. The maximum penalty of ₹5,000 will be levied if you file your ITR after the due date but before December 31, 2026 for taxpayers with total income exceeding ₹5 lakh, according to Cleartax.
However, taxpayers with total income not exceeding ₹5 lakh filing ITR after the due date will have to pay a penalty of ₹1,000.