What are the monthly and annual compliances under the Income Tax Act?
Quick answer
The main recurring income-tax jobs are: deposit TDS every month, file TDS returns and pay every quarter, and file your income tax return (and tax audit report, if applicable) once a year.
The recurring tasks
- Monthly: deposit TDS you've deducted, generally by the 7th of the following month (March by 30th April).
- Quarterly: file TDS returns (due roughly end of the month after each quarter), and pay advance tax in four instalments (around the 15th of June, September, December and March) if your tax liability crosses the threshold.
- Annually: file the company's income tax return; get a tax audit done and file the report if your turnover crosses the tax-audit threshold; and reconcile your TDS credits (Form 26AS).
A note on dates
Exact due dates shift occasionally, and the government sometimes grants extensions. Treat the above as the rhythm, and confirm the current year's dates with your CA.
Our honest take
Income-tax compliance is a calendar, not a scramble. Put these dates in your system, keep TDS deposits on time (see the TDS question), and year-end becomes routine instead of a crisis.
General information only — tax rules, rates and dates change. Confirm the current position with a qualified CA before acting.