If you earn an income, pay taxes or are liable to pay taxes, mark down these tax dates in your calendar. Whether you are salaried or self-employed, you must plan and pay your taxes and file your returns on time.

Our income tax calendar will help you keep track of the key dates.

But before we get to the calendar, you should understand the difference between the assessment year (AY) and financial year (FY).

Financial year: In India, the financial year begins on April 1 and ends on March 31. The financial year 2018-19, for example, runs from April 1, 2018 to March 31,2019. You must  file income tax returns declaring the income earned during this period by July 31, 2019.

Assessment Year: The assessment year is the year that follows a financial year in which you assess and pay taxes for the previous year. For example, in AY 2019-20, you would be filing returns and declaring income earned for the FY.2018-19.

The Tax Calendar

As a new financial year begins, you must start planning your tax investments, whether through tax-saving FDs, equity-linked saving schemes or PPF. It’s more efficient if you do it early, rather than during the far end of the year, as most people do.

The first date you should remember is July 31.

July 31: Due date for filing income tax returns

You must file your income tax returns (ITR) for the financial year  ending March 31st by July 31st of the same year. If your total income, before deductions, is more than Rs. 2.5 lakh (Rs. 3 lakh for senior citizens above 60 years of age and Rs. 5 lakh for senior citizens above 80 years) then it is mandatory to file your returns.

Tax returns are a declaration of your income for the previous year and taxes you have already paid via TDS. If you have paid more taxes than you are liable to, you can claim refunds.

Who does not need to file returns by July 31:

• Corporate assessee (or tax-payer)
• Non-corporate assessee whose books of accounts must be audited under the Income-tax provisions
• Partner of a firm whose accounts must be audited under the Income-tax provisions
• Tax-payer who is required to furnish a report under section 92E

March 31 (of AY): Due date for filing late income tax returns or revised returns

If you have not furnished a return by July 31 (for the previous FY), you can file it before the end of the assessment year on March 31 or on completion of assessment by the assessing officer, whichever is earlier. This is in compliance as per provisions of section 139(5) of the Income-tax Act, 1961

For example, if you have not filed your returns for FY2018-19(AY19-20) then you can file late returns up to March 31, 2020 or on  completion of assessment by the assessing officer, whichever is earlier.

Starting FY2018-19, the government has introduced a fee for failure to furnish the income-tax return under Section 234F. The maximum penalty could go up to Rs. 10,000, but for tax-payers with incomes of not more than Rs. 5 lakh, the penalty has been fixed at Rs. 1000.

March 31 (of FY): Due date for making tax-saving investments

If you plan to make tax-saving investments in ELSS, FD, PPF, insurance etc. then you must do so by March 31 of the relevant financial year to claim deductions.

Last dates to pay advance taxes

Quarter	Due date	Percentage of total tax to be paid
First	15 June 2018	15%
Second	15 September 2018	45%
Third	15 December 2018	75%
Fourth	15 March 2019	100%

If you are a salaried individual and your only source of income is your salary, then you need not worry about advance taxes, since your employer deducts taxes at source. But if you are self -employed or have other sources of income, then this is important for you.

To make it easier for you to plan your financial year, the government mandates that you pay your taxes in quarterly instalments, if your tax payable is more than Rs 10,000 annually or in case you possess any income under the head profits/gains from business and profession. However, a resident Indian who is of the age of 60 years or more and does not  have any income under the head profit and gains of business and profession is exempted from payment of advance tax.

Further, in case a person who is eligible for declaring his income under section 44AD or section 44ADA and intends to opt for the same, he shall be liable to pay 100% advance tax in a single payment on or before 15th March of the relevant  financial year.

If you fail to pay the percentage of  advance taxes within due dates as mentioned above, then you - will  be liable to pay interest @ 1% on the shortfall amount  in accordance with Section 234C of the Act.,

Further , in case the total amount paid as advance  tax is less than 90% of your total assessed tax, then you  will be liable to pay tax @ 1% on the shortfall amount from the beginning of the assessment year i.e. 01 April till the date of payment in accordance with section 234B.

Property transaction -- Last date for filing Form 26QB:

If you are buying an immovable property, you must deduct 1% TDS from the amount payable and deposit it with the IT department. You must file Form 26QB, furnishing all the details about the buyer and seller like name, address and PAN. This must be done within thirty days from the month you deducted the TDS. Here are few things to know about filing (or not) Form 26 QB

• Does not apply for dealings in agricultural land
• If purchase price is paid in installments, TDS to be deducted on each installment
• TDS to be deducted at 20% for sellers without PAN.

Last dates for submission of investment declaration to avoid TDS: Beginning of the financial year

At the beginning of the financial year, your employer will ask you to file in Form 12BB, which is an investment declaration form. This allows your employer to calculate your TDS to be deducted for the financial year.

At the beginning of the fiscal year, you just need to file estimates of your tax saving investments and not documentary proof of your investments. You must furnish proof of investment by the end of February of the financial year.

The declaration covers the following expenses and investments:

• Eligible deductions
• House rent
• Leave Travel Allowance
• Interest on home loans
• Deductions under Section 80 for various tax saving investments, insurance, education loan interest, interest from savings bank account

Last dates for submission of Form 15G and 15H: July/ October/ January 15 and April 30

You can file Form 15G and 15H and request your bank to not deduct TDS on the interest income if total income is below the basic exemption limit. While form 15H is for senior citizens, Form 15G is for persons other than senior citizens.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice before you take any/refrain from any action. All information is subject to the relevant Act, Rules, Regulations, Policy Statements, etc, of the Income Tax Department and subject to change. Viewers are advised to verify the content from original Government Acts/Rules/Notifications etc.

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