July Becomes Crucial Month for Taxpayers as ITR Filing and TDS Deadlines Approach

July 2026 is set to be an important month for Indian taxpayers, with several income tax deadlines falling within the same period and the July 31 ITR filing cut-off drawing the most attention. As the income tax return filing season gathers pace, salaried individuals, pensioners, employers, tax deductors, government offices, authorised dealers and other reporting entities need to keep track of multiple compliance dates to avoid late fees, interest and possible restrictions on tax benefits. The first major date is July 7, when eligible tax deductors who have permission for quarterly payment must deposit TDS for the April-June quarter. This is followed by July 15, when several reporting obligations become due for specific government offices, stock exchanges, authorised dealers, IFSC units and intermediaries dealing with non-resident investors. Another important date is July 30, the deadline for filing the challan-cum-statement for certain tax deducted during June. The biggest deadline for many individual taxpayers arrives on July 31, when those filing ITR-1 and ITR-2 for financial year 2025-26 are expected to submit their income tax returns. The same date is also important for quarterly TDS and TCS returns for the June quarter, including statements related to salary payments and payments made to non-residents. In addition, taxpayers who need to claim specific deductions or reliefs must also submit forms such as Form 10BA for rent-related deduction under Section 80GG and Form 10E for relief on salary received in arrears or advance by July 31. Missing the ITR deadline can lead to a late filing fee, interest on unpaid tax and loss of the ability to carry forward certain business or capital losses, though taxpayers can still file a belated return by December 31, 2026. With multiple deadlines packed into one month, taxpayers are advised to review Form 16, AIS, TIS, bank interest, capital gains, deductions and tax payments early instead of waiting until the last week of July, when portal traffic and document mismatches can make filing more stressful.