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Income Tax Notifications

INCOME TAX ALERT

Payment of Advance tax – First Instalment

Ensure timely remittance of Advance for first instalment of Tax Year 2026-27

Form: ITNS 280

Deadline: 15th June 2026 (15% of the estimated tax liability to be paid)

Why should issue?

Assessees having a tax liability of more than INR 10,000 (after setting of TDS and other credit)

TAKEAWAY
Advance tax is a pay‑as‑you‑earn mechanism that helps spread tax liability across the year and avoids a year‑end financial burden. Timely payment in prescribed instalments is essential to prevent interest under Sections 234B and 234C of the Income‑tax Act. It also promotes better cash‑flow planning and financial discipline for taxpayers. Estimating income realistically and reviewing projections periodically is key to ensuring accurate and compliant advance tax payments

INCOME TAX ALERT

Issuance of TDS certificates

Ensure timely issuance of TDS/ TCS certificates for Q4 of FY 2025-26

Form: Form 16A (non-salary TDS) / Form 16 (salary TDS)

Deadline: 15th days from the due date of filing of TDS/ TCS return

Why should issue??

All the persons who have filed the TDS/ TCS returns

TAKEAWAY
Issuing TDS and TCS certificates within the prescribed timelines is essential to ensure that deductees and collectees can claim tax credits smoothly in their returns. Any delay not only attracts penalties but also disrupts compliance and trust, making timely issuance a critical part of responsible tax management.

INCOME TAX ALERT

Filing of TDS cum Challan statement for property, rent, contractor, and crypto transactions

Ensure to make the file the TDS-cum-challan statement for May 2026

Form: Form 141 (reporting TDS transactions relating to immovable property purchase, rent payments by individual or HUFs, payment to contractor or professionals, and crypto transactions)

Deadline: TDS - 30th June 2026

Why should file?

To be filed by the buyer purchasing the immovable property, Individuals or HUFs paying rent exceeding ₹50,000 per month, Individuals or HUFs for payments to contractors or professionals exceeding ₹50 lakh in a FY, person responsible for paying consideration for the transfer of VDAs

TAKEAWAY
Timely payment of TDS is crucial to avoid interest, penalties under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Deposit of TDS/ TCS for the month of May 2026

Deposit of TDS/ TCS for the month of May 2026

Form: ITNS 281

Deadline: 07th June 2026

Why should file?

Payment to be made by the person who has deducted/ collected the taxes

TAKEAWAY
Timely payment of TDS and TCS is crucial to avoid interest, penalties, and disallowance of expenses under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Statement of Financial transactions, Statement of Reportable Account

Ensure timely filing of the statements for FY 2025-26

Form: Form 61A (statement of financial transactions) / Form 61B (Statement of Reportable Account)

Deadline: 31st May 2026

Why should file?

Form 61A – Needs to be filed by Banking companies, Post Offices, NBFCs, companies issuing shares/bonds, listed companies (share buyback) etc.

Form 61B - Reporting Financial Institutions (banks, custodial institutions, investment entities, specified insurance companies)

TAKEAWAY
Filing of Form 61A (SFT) and Form 61B (CRS/FATCA) is a critical reporting obligation intended to enhance transparency and track high‑value and cross‑border financial transactions. These forms must be filed accurately and within the prescribed timelines by specified reporting entities. Errors, omissions, or non‑filing can attract substantial penalties and scrutiny. Robust data validation, timely reconciliation, and clear audit trails are essential to ensure compliant and risk‑free reporting.

INCOME TAX ALERT

Issuance of TDS certificates

Ensure timely issuance of TDS/ TCS certificates for Q4 of FY 2025-26

Form: Form 27D (TCS certificate) / Form 16B (TDS on sale of immovable property – Sec 194-IA)/ Form 16E (TDS on VDAs)/ Form 16C (TDS on rent)/ Form 16D (TDS on contracts/ professional fees)

Deadline: 15 days from the due date of filing of TDS/ TCS return

Why should file?

All the persons who have filed the TDS/ TCS returns

TAKEAWAY
Issuing TDS and TCS certificates within the prescribed timelines is essential to ensure that deductees and collectees can claim tax credits smoothly in their returns. Any delay not only attracts penalties but also disrupts compliance and trust, making timely issuance a critical part of responsible tax management.

INCOME TAX ALERT

Filing of TDS cum Challan statement for property, rent, contractor, and crypto transaction

Ensure to make the file the TDS-cum-challan statement for April 2026

Form: Form 141 (reporting TDS transactions relating to immovable property purchase, rent payments by individual or HUFs, payment to contractor or professionals, and crypto transactions)

Deadline: TDS - 30th May 2026

Why should file?

To be filed by the buyer purchasing the immovable property, Individuals or HUFs paying rent exceeding ₹50,000 per month, Individuals or HUFs for payments to contractors or professionals exceeding ₹50 lakh in a FY, person responsible for paying consideration for the transfer of VDAs

TAKEAWAY
Timely payment of TDS is crucial to avoid interest, penalties under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Deposit of TDS/ TCS for the month of April 2026

Ensure to make the payment of TDS/ TCS for April 2026

Form: ITNS 281

Deadline: 07th May 2026

Why should file?

Payment to be made by the person who has deducted/ collected the taxes

TAKEAWAY
Timely payment of TDS and TCS is crucial to avoid interest, penalties, and disallowance of expenses under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Form for reporting the TCS deducted and paid

Ensure to file the TDS return for the Q4 (January to March 2026) reporting the TCS deducted and paid during this period

Form: Form 27EQ

Deadline: 15th May 2026

Why should file?

To be filed by assesses who have deducted the taxes for July to September and should do the reporting of the same

TAKEAWAY
Reconcile challans and PANs before filing - Mismatches can lead to defaults in filing of TCS returns resulting in tax and interest liability and requirement to file correction statements

INCOME TAX ALERT

Form for reporting the TDS deducted and paid

Ensure to file the TDS return for the Q4 (January to March 2026) reporting the TDS deducted and paid during this period

Form: Form 24Q (salary)
Form 26Q (non-salary)
Form 27Q (non-resident)

Deadline: 31th May 2026

Why should file?

To be filed by assesses who have deducted the taxes for July to September and should do the reporting of the same

TAKEAWAY
Reconcile challans and PANs before filing - Mismatches can lead to defaults in filing of TDS returns resulting in tax and interest liability and requirement to file correction statements

INCOME TAX ALERT

Deposit of TDS/ TCS for the month of March 2026

Ensure to make the payment of TDS/ TCS for March 2026

Form: ITNS 281

Deadline: TDS - 30th April 2026 and For TCS – 07th April 2026

Why should file?

Payment to be made by the person who has deducted/ collected the taxes

TAKEAWAY
Timely payment of TDS and TCS is crucial to avoid interest, penalties, and disallowance of expenses under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Filing of TDS cum Challan statement for property, rent, contractor, and crypto transactions

Ensure to make the file the TDS-cum-challan statement for March 2026

Form: Form 26QB (purchase of immovable property); Form 26QC (Rent payments by Individuals/HUF); Form 26QC (payments by Individuals/HUF to resident contractors/ professionals) and Form 26QE (transactions relating to virtual digital assets)

Deadline: TDS - 30th April 2026

Why should file?

Form 26QB – to be filed by the buyer purchasing the immovable property

Form 26QC - Individuals or HUFs paying rent exceeding ₹50,000 per month

Form 26QD - Individuals or HUFs for payments to contractors or professionals exceeding ₹50 lakh in a FY

Form 26QE - Any person responsible for paying consideration for the transfer of VDAs

TAKEAWAY
Timely payment of TDS is crucial to avoid interest, penalties under the Income Tax Act. Ensuring deposits within the prescribed due dates also helps maintain compliance and smooth business operations.

INCOME TAX ALERT

Issuance of TDS certificates

Ensure timely issuance of TDS/ TCS certificates for Q3 of FY 2025-26

Form: Form 16A (TDS deducted under other sections) / Form 16B (TDS on sale of immovable property – Sec 194-IA)/ Form 16E (TDS on VDAs)/ Form 27D (TCS)

Deadline: 15 days from the due date of filing of TDS/ TCS return

Why should file?

All the persons who have filed the TDS/ TCS returns

TAKEAWAY
Issuing TDS and TCS certificates within the prescribed timelines is essential to ensure that deductees and collectees can claim tax credits smoothly in their returns. Any delay not only attracts penalties but also disrupts compliance and trust, making timely issuance a critical part of responsible tax management.

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