Tax Compliances

Tax compliance means following all tax laws by accurately reporting income, filing tax returns on time, and paying the correct amount of taxes to the government. For Indian taxpayers navigating the Tax Year 2026–27, compliance is critical to avoid heavy fines and legal issues. 

1. Key Types of Tax Compliance

• Direct Tax: Paying taxes directly to the government on money you earn, such as Income Tax and Advance Tax.

• TDS and TCS: Deducting tax at source from payments (like salaries or rent) and depositing it with the government.

• Indirect Tax: Collecting and paying taxes on goods and services, mainly through the Goods and Services Tax (GST).

• Statutory Compliance: Managing non-tax employee benefits like Provident Fund (PF) and Employee State Insurance (ESI). 

2. Income Tax Deadlines for Tax Year 2026–27

Below are the critical timelines for filing your taxes and making advance payments. 

Compliance Type Target Group Standard Due Date

ITR Filing (Non-Audit) Individuals, salaried employees, and professionals 31 July 2026

ITR Filing (Audit Cases) Businesses requiring a book audit 31 October 2026

Tax Audit Report Large businesses and select professionals 30 September 2026

Belated/Revised ITR Taxpayers who missed deadlines or made mistakes   31 December 2026

Advance Tax Instalments

If your net tax liability exceeds ₹10,000, you must pay your income tax in four quarterly instalments: 

• 15 June 2026: Pay 15% of estimated tax

• 15 September 2026: Pay 45% of estimated tax

• 15 December 2026: Pay 75% of estimated tax

• 15 March 2027: Pay 100% of estimated tax 

3. Monthly TDS & GST Compliance Steps 

To maintain clean records, businesses must follow these regular monthly routines: 

• Every Month (by the 7th): Deposit the TDS deducted from payments made in the previous month.

• Every Month (by the 11th): File GSTR-1 to report your monthly outward sales.

• Every Month (by the 15th): Pay monthly EPF and ESI employee payroll contributions.

• Every Month (by the 20th): File GSTR-3B to submit your monthly summary tax return and pay GST.

• Every Quarter: File quarterly TDS returns (Form 24Q for salaries, Form 26Q for non-salaries) by the end of the month following the quarter. 

4. Major Rule Changes for 2026

• Income Tax Act Framework: The new system replaces old assessment years with a direct Tax Year model. Ensure you track your income under the updated regulations.

• New Tax Slabs: The new tax regime offers lower tax slabs, allowing many taxpayers earning up to ₹12 lakh to effectively pay zero tax using specific rebates.

• Lower E-Invoicing Threshold: Businesses with an annual turnover above ₹5 crore must now generate electronic invoices with an Invoice Reference Number (IRN).