Today marks an important compliance date for all taxpayers, salaried employees, central government staff, pensioners and associated stakeholders as several key financial and administrative deadlines converge on 15 June.
The first instalment of the advance tax for FY2026-27 is due today, and employers are in the process of clearing and issuing Form 16 for FY 2025-26.
Today is also the last date for employees’ and pensioners’ organisations to complete and submit their memoranda and representations to the 8th Pay Commission. The deadline was 31 May, but was later extended to provide equal opportunities for all aspiring participants. Let us discuss these significant deadlines one by one.
1. Today is the final day to submit memorandums to the 8th Pay Commission
Today is the last date for all organisations, stakeholders, associations, employee unions, and pensioner groups to submit representations to the 8th Pay Commission.
The current deadline was extended several times during the consultation and discussion process, and finally concluded today. Aspiring participants and stakeholders who have not submitted their ideas and proposals so far must do so before the end of the day, as the has indicated that they will provide no further extension.
Several prominent employee unions, participants and concerned stakeholders have already submitted recommendations covering pay revisions, allowances, pension reforms, and retirement-related benefits. Currently, the demand for fitment factor revision primarily hovers between 3 to 4x, with more submissions awaited.
2. Advance Tax: First instalment due today
The first instalment of for Tax Year 2026–27 (FY 2026–27) falls due today, 15 June.
Advance tax basically applies to taxpayers whose estimated tax liability for the financial year exceeds the prescribed threshold after accounting for TDS and other tax credits. It is particularly relevant for:
- Self-employed professionals or business owners.
- Business owners with an established setup.
- Freelancers and consultants.
- Investors who have earned .
- Individuals with significant rental or interest income.
Under the advance tax schedule, taxpayers are required to carefully review and pay off their estimated annual tax liability by 15 June. The primary focus is on individuals with non-salaried income.
Failure to pay the required amount may attract interest under the Income Tax provisions. Therefore, it is prudent for taxpayers to review their expected income, investments and to avoid large tax outflows and interest charges later.
3. Form 16 issuance continues ahead of the ITR filing season
Employers are also currently in the process of issuing Form 16, the tax-deduction certificate for salaried employees, for the financial year FY 2025–26.
Form 16 is a document that contains details of salary paid, , exemptions claimed, and tax deposited with the government. The document is fundamental and serves as a key reference when filing Income Tax Returns (ITRs).
With Form 16 distribution underway, the annual income tax return filing season is expected to gather momentum over the coming weeks.
Taxpayers should sit down, take their time, and verify the information in Form 16 against their salary records, , and the Annual Information Statement (AIS) before filing their returns.
Form 16 and the new Income Tax Act
While the Income Tax Act, 2025, has introduced a revised numbering system under which Form 16 is redesignated as Form 130 from Tax Year 2026–27 onwards, salaried taxpayers for FY 2025–26 will continue to receive Form 16 in the existing format.
You should seek advice from a certified tax and investment advisor, understand the difference between the Acts of Income Tax, and resolve any doubts before proceeding ahead with caution and clarity.
Key Takeaway
15 June is a significant compliance date on the financial calendar. Today is:
- Last day for to the 8th Pay Commission
- The due date for the first advance tax instalment for FY 2026–27.
- Significant milestone in the ongoing issuance of Form 16 ahead of the income tax return filing season.
Taxpayers and stakeholders who have pending actions related to these matters should ensure they are completed within the prescribed timelines.