Income Tax Compliance Checklist – Financial Year 2025-26

Income tax compliance requires businesses, professionals and individuals to follow several statutory obligations during the financial year. These obligations include timely payment of taxes, filing of returns, maintaining books of accounts and proper documentation of financial transactions. A structured compliance checklist helps taxpayers track deadlines effectively and reduces the risk of penalties, interest liability and regulatory notices from the Income Tax Department.

1. Monthly Compliance – TDS / TCS Payments

• TDS payment must be deposited by the 7th of the following month.
• TCS collected must also be deposited by the 7th of the following month.
• TDS for March must be deposited by 30 April.

Failure to deposit TDS within the prescribed time may attract interest under Section 201 and may also lead to penalty proceedings.

2. Quarterly Compliance – TDS Return Filing

• April – June quarter: Due by 31 July
• July – September quarter: Due by 31 October
• October – December quarter: Due by 31 January
• January – March quarter: Due by 31 May

These returns report tax deducted from payments such as salary, contractor payments, professional fees and interest.

3. Advance Tax Installments

• 15 June – 15% of tax liability
• 15 September – 45% cumulative tax liability
• 15 December – 75% cumulative tax liability
• 15 March – 100% cumulative tax liability

Advance tax is applicable when total tax liability exceeds ₹10,000 during the financial year.

4. Annual Compliance – Income Tax Return Filing

• Individuals and non-audit cases – 31 July
• Businesses requiring tax audit – 31 October
• Transfer pricing cases – 30 November

5. Tax Audit Requirements

Businesses exceeding prescribed turnover limits must conduct tax audit under Section 44AB. The audit verifies financial records and ensures compliance with tax laws.

Conclusion

Maintaining proper books of accounts, tracking tax liabilities and filing returns within due dates are essential components of effective tax compliance. Professional tax advisory support helps businesses manage compliance efficiently while minimizing regulatory risks.

For professional assistance with income tax planning, return filing and regulatory compliance, consult a Income Tax Consultant in Mumbai.