Income Tax and GST Compliance in July 2026: Every Deadline, Penalty and Action Checklist
July is the most demanding compliance month of the Indian tax year — and 2026 makes it doubly critical. Income tax and GST compliance in July 2026 runs under two Acts simultaneously: the Income-tax Act, 1961 (governing FY 2025-26 returns) and the Income-tax Act, 2025 (governing Tax Year 2026-27 TDS and advance tax). On the GST side, June 2026 returns and the entire Q1 (April–June) cycle converge in a single calendar month.
Miss the 31 July deadline for your ITR or Q1 TDS return and you face late fees, loss of carry-forward losses, and interest that compounds month on month. Miss GSTR-1 on 11 July and your buyer’s ITC disappears from their GSTR-2B. This guide maps every single due date in income tax and GST compliance in July 2026 — with exact dates, the forms to use, penalty consequences, and a free late-fee calculator so you can see exactly what non-compliance will cost before it happens.
July 2026 — Why This Month Is Different
Every July is busy for Indian tax professionals, but July 2026 carries a unique additional complexity: it is the first full quarterly compliance milestone under the Income-tax Act, 2025, which came into force on 1 April 2026. The Act replaces the Income-tax Act, 1961 for income earned from Tax Year 2026-27 onwards, but the ITR for FY 2025-26 (AY 2026-27) is still filed under the old Act — creating a dual-track environment that demands careful attention to challan selection, form versions, and portal navigation.
For businesses, the situation is equally intense. The GST portal’s automatic GSTIN suspension rule (triggered by two consecutive missed GSTR-3B filings, effective from January 2026) means a missed July deadline can freeze operations entirely — no outward invoices, no e-way bills, and a ripple effect on buyers’ ITC. Income tax and GST compliance in July 2026 therefore demands a structured, date-by-date approach rather than last-minute scrambling.
The Dual-Act Reality for Deductors in July 2026: A company deducting TDS on salary must now use Form 138 (replacing the familiar Form 24Q) for the Q1 TDS return due 31 July. For income of FY 2025-26, however, the ITR is still filed on the old Act forms (ITR-1 through ITR-7) selecting AY 2026-27. Selecting the wrong assessment year in a challan payment — for example, crediting advance tax to “AY 2026-27” when it should be “Tax Year 2026-27” — results in a mismatched credit that the system will not automatically rectify.
Master Compliance Calendar: Every July 2026 Deadline at a Glance
The table below consolidates all confirmed due dates for income tax and GST compliance in July 2026. Dates are based on official notifications, CBIC/CBDT guidance, and the India-Briefing July 2026 compliance analysis. Always verify on the official portals before filing, as the government occasionally issues short-notice extensions.
| Due Date | Compliance Obligation | Who Must Act | Form / Act |
|---|---|---|---|
| 7 July 2026 | Deposit TDS and TCS deducted/collected during June 2026 | All deductors and collectors (non-Govt) | Challan — IT Act 2025 |
| 11 July 2026 | GSTR-1 for June 2026 — outward supplies return | Monthly GST filers (AATO > ₹5 Cr) | GSTR-1 — GST Act |
| 13 July 2026 | Q1 GSTR-1 (Apr–Jun 2026) + IFF for May 2026 | QRMP scheme taxpayers | GSTR-1 / IFF — GST Act |
| 15 July 2026 | Issue TDS certificates (Form 132) for May 2026 deductions; other specialised reporting for IFSC, authorised dealers | Non-salary deductors | Form 132 — IT Act 2025 |
| 20 July 2026 | GSTR-3B for June 2026 with tax payment | Monthly GST filers (AATO > ₹5 Cr) | GSTR-3B — GST Act |
| 22 July 2026 | Q1 GSTR-3B (Apr–Jun 2026) — Category X states | QRMP taxpayers in Cat X | GSTR-3B — GST Act |
| 24 July 2026 | Q1 GSTR-3B (Apr–Jun 2026) — Category Y states | QRMP taxpayers in Cat Y | GSTR-3B — GST Act |
| 31 July 2026 | ITR-1 and ITR-2 filing for AY 2026-27 (FY 2025-26); Q1 TDS return (Form 138 / 140 / 143); Q1 TCS return (Form 143); ITR-3 / ITR-4 non-audit non-business; various other forms under IT Act 2025 | All non-audit taxpayers, deductors, collectors | IT Acts 1961 + 2025 |
Expert Insight — Category X vs Y for QRMP: Category X states include Chhattisgarh, MP, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh and Union Territories like Puducherry and Andaman & Nicobar. All other states and UTs fall under Category Y. QRMP filers in Category X file GSTR-3B by 22 July; Category Y filers get until 24 July. Confirm your category on the GST portal before filing.
GST Compliance in July 2026 — All Return Due Dates
GST compliance in July 2026 is particularly heavy because it covers both a standalone monthly return cycle (June 2026) and the entire Q1 quarterly return cycle (April–June 2026) for QRMP filers. Understanding which filing obligation applies to your business is step one.
GSTR-1: Outward Supplies Return
GSTR-1 records all outward supply invoices. Accurate, timely GSTR-1 filing is essential because it auto-populates your buyers’ GSTR-2B, which governs the ITC they can claim. A delayed or incorrect GSTR-1 disrupts your buyer’s cash flow — and increasingly, buyers are making payment releases conditional on the supplier’s GSTR-1 being filed.
- 11 July Monthly filers with AATO above ₹5 crore — GSTR-1 for June 2026.
- 13 July QRMP quarterly filers — Q1 GSTR-1 for the April–June 2026 quarter. Also, the IFF (Invoice Furnishing Facility) for May 2026 closes on 13 July for QRMP filers who used IFF for invoices raised in May.
GSTR-3B: Summary Return and Tax Payment
GSTR-3B is the self-declared summary return where the taxpayer discloses outward supplies, ITC claimed, and net GST payable, and makes the actual tax payment. From January 2026, the GST portal applies multi-layer validations before accepting GSTR-3B — ensure your GSTR-2B reconciliation is clean before filing.
- 20 July Monthly filers — GSTR-3B for June 2026.
- 22 July QRMP Category X states — Q1 GSTR-3B for April–June 2026.
- 24 July QRMP Category Y states — Q1 GSTR-3B for April–June 2026.
GSTIN Auto-Suspension from January 2026: Missing GSTR-3B for two consecutive months triggers automatic suspension of your GSTIN. A suspended GSTIN cannot file future returns, cannot generate e-way bills, and buyers cannot claim ITC on purchases from you — effectively halting business operations. Reactivation requires filing all pending returns. If you have any arrear filings from May or June 2026, clear them before the July 20 deadline.
PMT-06: QRMP Monthly Tax Payment
QRMP filers who file GST returns quarterly must still make monthly tax payments through Form PMT-06 by the 25th of the following month. For June 2026, QRMP filers must pay via PMT-06 by 25 July 2026. This is separate from the Q1 GSTR-3B filing deadline.
Other GST Returns Due in July 2026
- GSTR-5 (Non-Resident Taxable Person): 13 July 2026 for June 2026 period.
- GSTR-6 (Input Service Distributor): 13 July 2026.
- GSTR-7 (TDS Deductors under GST): 10 July 2026 for June 2026.
- GSTR-8 (E-Commerce Operators): 10 July 2026 for June 2026.
Income Tax Deadlines in July 2026
For income tax purposes, July 2026 is dominated by three clusters: the TDS deposit due on 7 July, the Q1 TDS and TCS return due on 31 July, and the ITR filing deadline of 31 July for non-audit cases. Each is distinct in terms of what must be done, which Act applies, and what the consequence of missing the date looks like.
7 July 2026 — TDS and TCS Deposit for June 2026
All non-government deductors must deposit TDS deducted during June 2026 into the central government account by 7 July 2026. This covers salary TDS, TDS on professional fees, interest, commission, rent, contractor payments, and all other specified payments. TCS collected by sellers during June 2026 is also due by 7 July.
Government deductors (other than those using treasury challans) follow the same 7 July deadline. Those paying through book entry (treasury challan) must deposit on the same day of deduction. The interest rate for delayed TDS deposit is 1.5% per month from the date of deduction — not the due date — which is a critical distinction that inflates the cost of even a short delay.
15 July 2026 — TDS Certificates and Specialised Reporting
Under the Income-tax Act, 2025, non-salary TDS certificates are issued in Form 132 (replacing the old Form 16A). These must be issued to deductees for tax deducted in May 2026 by 15 July 2026 — within 15 days of the due date for filing the Q1 TDS return. Additionally, several specialised reporting obligations fall on 15 July for government offices, IFSC units, authorised dealers, and stock exchanges dealing with non-resident investors.
Q1 TDS and TCS Returns Due by 31 July 2026
The quarterly TDS and TCS return for Q1 (April–June 2026) is due on 31 July 2026. This is among the most significant compliance obligations in the income tax and GST compliance in July 2026 calendar. Under the Income-tax Act, 2025, which governs TDS for the Tax Year 2026-27 from 1 April 2026, the form numbers have changed.
| Old Form (Act 1961) | New Form (Act 2025) | Purpose | Q1 Due Date |
|---|---|---|---|
| Form 24Q | Form 138 | Salary TDS return | 31 July 2026 |
| Form 26Q | Form 140 | Non-salary domestic TDS return | 31 July 2026 |
| Form 27Q | Form 144 | TDS on payments to non-residents | 31 July 2026 |
| Form 26QB/26QC/26QD/26QE | Form 141 | Challan-cum-statement (property/rent TDS) | 30 July (within 30 days of month-end) |
| Form 27EQ | Form 143 | TCS return — Tax Collected at Source | 31 July 2026 |
| Form 15G / 15H declarations | Form 121 | Upload declarations for nil/lower TDS | 7 July (Q1 declarations) |
Pro Tip — Reconcile Before Filing: The Q1 TDS return filing requires deductor-level reconciliation of all challans deposited from April to June 2026. Cross-check each challan’s BSR code, date of deposit, and PAN of each deductee before uploading. A wrong PAN causes the TDS credit to not appear in the deductee’s Form 26AS or AIS — generating a notice for the deductee and a correction obligation for the deductor that extends beyond the quarter. Learn more about TDS returns and Form 26AS at Income Tax India portal.
ITR Filing for FY 2025-26 — What You Must Know Before 31 July
The single most important income-tax deadline in July 2026 for individual taxpayers is the ITR filing due date of 31 July 2026 for AY 2026-27. This covers income earned during FY 2025-26, filed under the Income-tax Act, 1961.
Who Must File by 31 July 2026?
- ITR-1 (Sahaj) — Salaried individuals with income up to ₹50 lakh, one house property, other sources (no business income). Due: 31 July.
- ITR-2 — Individuals and HUFs with salary, capital gains, multiple house properties, foreign income. Due: 31 July.
- ITR-3 (non-audit) — Individuals and HUFs with business or professional income, not requiring tax audit. Note: ClearTax and income-tax portal guidance confirms 31 August 2026 for some ITR-3 non-audit cases — verify the specific due date for your filing category on the portal.
- ITR-4 (Sugam) — Presumptive taxation filers with income up to ₹50 lakh. August 2026 for non-audit.
Audit cases (ITR-3, ITR-5, ITR-6, ITR-7) have a later due date of 31 October 2026. The tax audit report itself must be filed by 30 September 2026 (one month before the ITR due date).
What Happens If You Miss 31 July?
A belated return can be filed until 31 December 2026 with a late fee under Section 234F: ₹5,000 for income above ₹5 lakh, or ₹1,000 for income up to ₹5 lakh. But beyond the late fee, missing 31 July triggers two structural consequences that cannot be undone later: first, losses such as capital losses and business losses cannot be carried forward if the return is filed late. Second, certain deductions and exemptions may be denied. For high-income individuals with significant capital gains or losses to carry forward, the 31 July deadline is non-negotiable.
Real Scenario — Meena, Mumbai: A senior software professional, Meena sold equity mutual funds at a ₹4.5 lakh short-term capital loss in March 2026. Her total income from salary is ₹28 lakh. If she files her ITR by 31 July 2026, she can carry forward the ₹4.5 lakh capital loss and set it off against future capital gains for up to eight years — saving potentially ₹90,000 or more in future tax. If she misses the deadline and files a belated return in November, the loss lapses permanently. That ₹5,000 late fee avoidance costs her ₹90,000 in future tax savings.
For a full checklist of what to verify before filing — including reconciliation with Form 26AS and AIS — refer to our guide on AIS vs Form 26AS vs TIS for AY 2026-27.
New TDS and TCS Forms Under the Income-tax Act, 2025
The transition to the Income-tax Act, 2025 introduces revised form numbers for TDS and TCS compliance from 1 April 2026. Deductors and collectors must use the new forms for all transactions from Tax Year 2026-27. Using the old forms for Q1 TY 2026-27 filings will result in rejection or mismatched reporting.
The new TDS certificates issued to deductees are:
- Form 130 — Annual salary TDS certificate (replaces Form 16). Issued by 15 June each year.
- Form 131 — Quarterly non-salary TDS certificate (replaces Form 16A). Issued within 15 days of TDS return filing.
- Form 132 — Other TDS certificates. Due by 15 July for May deductions.
- Form 133 — TCS certificate (replaces Form 27D). Issued within 15 days of filing Form 143.
Critical Note on Challan Selection: When making TDS deposits or advance tax payments, you must select the correct year. Advance tax for Tax Year 2026-27 (income of FY 2026-27) must select “Tax Year 2026-27.” Self-assessment tax for FY 2025-26 (AY 2026-27) must select “AY 2026-27.” The two challan flows co-exist on the portal in July 2026 and a wrong selection means the credit does not appear in the right return. The Income Tax Department has explicitly warned taxpayers about this dual-year risk.
Free July 2026 Late Fee and Penalty Calculator — Use It Right Now
Enter the number of days delayed and the type of return to calculate the exact late fee and interest applicable under GST and Income Tax. This tool uses the rates in force for FY 2026-27 — no guesswork, no rounding errors.
Bookmark this page to use this free compliance calculator whenever a deadline is approaching.
Penalties for Missing July 2026 Deadlines
Non-compliance with income tax and GST compliance in July 2026 triggers multiple layers of financial consequence. Understanding the exact rates is essential for prioritising remediation when multiple deadlines are at risk simultaneously.
| Compliance | Late Fee | Interest | Additional Risk |
|---|---|---|---|
| GSTR-1 | ₹50/day (taxable); ₹20/day (nil) — max ₹5,000 / ₹500 | Nil on GSTR-1 itself | Buyer cannot claim ITC; GSTR-3B sequentially blocked |
| GSTR-3B | ₹50/day (taxable); ₹20/day (nil) — max ₹5,000 / ₹500 | 18% p.a. on unpaid tax | 2 consecutive misses = GSTIN suspension |
| TDS Deposit | No late fee; disallowance risk | 1.5% per month from date of deduction | Section 276B prosecution (3 months–7 years + fine) |
| TDS Return (Q1) | ₹200/day — max = total TDS amount | Covered above | Section 271H: ₹10,000–₹1,00,000 penalty for non-filing beyond 1 year |
| ITR (AY 2026-27) | ₹5,000 (income >₹5L); ₹1,000 (income ≤₹5L) under Section 234F | 1% per month under Section 234A on unpaid tax | Losses cannot be carried forward; deductions may be denied |
Your 31-Day July 2026 Compliance Action Plan
The following week-by-week action plan converts the compliance calendar into an operational checklist. Use this as a daily task guide through July 2026.
Week 1: 1–7 July — TDS Deposit and Reconciliation
- Compute total TDS deducted from all payees during June 2026 — salary, professional fees, rent, commission, contractor payments.
- Generate the challan and deposit into the government account by 7 July. Select "Tax Year 2026-27" on the challan for TY 2026-27 deductions; select "AY 2026-27" for any late deposit of FY 2025-26 deductions.
- Upload Q1 declarations received in Form 121 (15G/15H equivalents) by 7 July.
- Begin reconciling GSTR-2B with your purchase register for June 2026 to prepare for GSTR-3B.
Week 2: 8–15 July — GST Returns and Certificates
- File GSTR-1 for June 2026 by 11 July if you are a monthly filer. Ensure all outward supply invoices, credit notes and debit notes for June are uploaded.
- File Q1 GSTR-1 for April–June 2026 by 13 July if you are a QRMP filer. File IFF for May 2026 simultaneously.
- Issue Form 132 non-salary TDS certificates for May 2026 deductions by 15 July.
- Finalise GSTR-3B reconciliation — compare GSTR-2B, GSTR-2A and purchase ledger; flag discrepancies before the 20 July filing.
Week 3: 16–24 July — GSTR-3B and QRMP Filing
- File GSTR-3B for June 2026 with full tax payment by 20 July if you are a monthly filer.
- File Q1 GSTR-3B by 22 July (Category X) or 24 July (Category Y) if you are a QRMP filer. Reconcile ITC claims against GSTR-2B before submission — from January 2026 the portal performs automatic validations that will block filing if ITC claims exceed GSTR-2B values.
- Pay June 2026 tax via PMT-06 by 25 July if you are a QRMP filer who has not already paid through GSTR-3B.
Week 4: 25–31 July — The Critical Deadline Cluster
- Gather all ITR data: Form 26AS, AIS, TIS, Form 16 / 16A, bank statements, investment proofs, capital gains statements.
- Reconcile all figures against AIS and TIS using the process described in our AIS vs Form 26AS vs TIS guide.
- File ITR-1 or ITR-2 for AY 2026-27 by 31 July. Select "AY 2026-27" on the portal.
- Submit Q1 TDS returns: Form 138 (salary), Form 140 (domestic non-salary), Form 144 (non-resident), Form 143 (TCS) — all by 31 July.
- Verify that e-filing acknowledgement (ITR-V) is received and, if e-verifying later, ensure it is done within 30 days of filing.
Common Mistakes in July Compliance and How to Avoid Them
July 2026 introduces specific pitfalls that compound existing filing errors. These are the top five seen across practices — and how to sidestep each one.
Error 1: Filing ITR Under the Income-tax Act, 2025 for AY 2026-27
The Income-tax Act, 2025 does not apply to income of FY 2025-26. The ITR for AY 2026-27 is filed under the 1961 Act, using the ITR-1 to ITR-7 forms. Selecting the wrong Act framework on the portal, or attempting to use new-Act forms for AY 2026-27, results in an invalid return.
Error 2: Claiming ITC in GSTR-3B That Is Not Reflected in GSTR-2B
From January 2026, GSTR-3B validation is hardened — the portal cross-checks ITC claims against GSTR-2B in real time and blocks filing where excess ITC is claimed. If your supplier has not filed their GSTR-1, their invoices will not appear in your GSTR-2B. You cannot claim that ITC in the current GSTR-3B; you must wait for the supplier to file, or defer the ITC to the next return period.
Error 3: Using Old TDS Form Numbers for Q1 TY 2026-27 Returns
A deductor who files Form 24Q instead of Form 138 for salary TDS for April–June 2026 is using the wrong form under the wrong Act. TRACES may accept the filing in error initially, but it creates downstream discrepancies in Form 130/131 issuance and in the deductee's tax credit. All Q1 TY 2026-27 returns must use the new Act 2025 form numbers.
Error 4: Not Filing GST Returns Even When Turnover Is Zero
Nil GSTR-1 and nil GSTR-3B are mandatory for every registered taxpayer who has no transactions in a period. A taxpayer who skips filing because they had no business in June 2026 will incur a ₹20/day late fee for nil GSTR-3B and risk the automatic 2-month suspension trigger. File nil returns immediately.
Error 5: Computing TDS Interest from the Due Date Rather Than the Deduction Date
A company that deducted TDS on 5 June 2026 but deposited it on 12 July 2026 (five days after the 7 July due date) must pay interest at 1.5% per month from 5 June — the date of deduction — not from 7 July. The interest clock starts ticking from the day the tax was deducted, which makes even a day's delay costlier than it appears. At 1.5% per month calculated on month-units (not days), the interest for this scenario would be charged for 2 months (June to July).
CA Checklist for July 31, 2026: The most important cross-check before the 31 July midnight deadline — verify that the ITR's total income matches the AIS, that TDS credit claimed equals what is in Form 26AS (not just AIS), that e-filing acknowledgement is received post-submission, and that Q1 TDS returns are submitted with matching challan data. One missed step on any of these means a follow-up notice under Section 143(1) or Section 200A as early as August.
Key Takeaways
- 7 July — Deposit June 2026 TDS and TCS; interest at 1.5%/month runs from the date of deduction, not the due date.
- 11 July — Monthly GSTR-1 for June 2026 (AATO > ₹5 cr). Late filing blocks buyer's ITC immediately.
- 13 July — QRMP Q1 GSTR-1 + IFF for May 2026. Also GSTR-5, GSTR-6 for non-resident and ISD filers.
- 20 July — Monthly GSTR-3B for June 2026 with full tax payment. Late: ₹50/day + 18% p.a. interest.
- 22/24 July — QRMP Q1 GSTR-3B. Also: QRMP PMT-06 for June by 25 July.
- 31 July — The critical cluster: ITR-1/ITR-2 for AY 2026-27 (FY 2025-26) + Q1 TDS returns (Forms 138, 140, 143, 144). Missing ITR means losses lapse, ₹5,000 fee, and 1% monthly interest on unpaid tax.
- From April 2026, use new Act 2025 TDS form numbers (Form 138, 140, 141, 143) — not the old 24Q, 26Q, 27EQ forms — for TY 2026-27 TDS returns.
- Two missed consecutive GSTR-3B filings trigger automatic GSTIN suspension — no GST returns, no e-way bills, no buyer ITC.
- ITR for AY 2026-27 (FY 2025-26) is still governed by the Income-tax Act, 1961, not the new 2025 Act. Select AY 2026-27 on the portal.
Frequently Asked Questions
What is the last date to file ITR for FY 2025-26?
The due date for ITR-1 and ITR-2 filers for FY 2025-26 (AY 2026-27) is 31 July 2026. A belated return can be filed until 31 December 2026 with a late fee of up to ₹5,000 under Section 234F. Audit cases have a deadline of 31 October 2026.
What is the due date to file GSTR-3B for June 2026?
Monthly filers must file GSTR-3B for June 2026 by 20 July 2026. QRMP filers must file the April–June 2026 quarterly GSTR-3B by 22 July (Category X states) or 24 July (Category Y states).
When must the Q1 TDS return for FY 2026-27 be filed?
The Q1 TDS return covering deductions from April to June 2026 must be filed by 31 July 2026. Use Form 138 for salary, Form 140 for domestic non-salary, Form 144 for non-resident, and Form 143 for TCS.
What is the late fee for missing the GSTR-3B filing date?
The late fee for GSTR-3B with tax liability is ₹50 per day (₹25 CGST + ₹25 SGST), capped at ₹5,000. For nil returns it is ₹20/day, capped at ₹500. In addition, interest at 18% per annum applies on unpaid tax. Late fees must be paid in cash — ITC cannot be used to pay them.
What happens if the ITR is not filed by 31 July 2026?
A belated return can be filed until 31 December 2026 with a ₹5,000 late fee (₹1,000 if income is below ₹5 lakh). However, carry-forward losses — capital losses, business losses — are permanently forfeited. Interest under Section 234A at 1% per month on unpaid tax also accrues from 31 July onwards.
What is the due date to file GSTR-1 for June 2026?
Monthly GSTR-1 filers must file by 11 July 2026. QRMP filers must file the Q1 GSTR-1 by 13 July 2026.
Is there an advance tax deadline in July 2026?
No. There is no advance tax instalment due in July 2026. The first instalment for Tax Year 2026-27 was due by 15 June (15%), the next is 15 September (45% cumulative). July 2026 is focused on ITR filing and Q1 TDS return submission.
Which new TDS forms replace the old forms from April 2026?
From 1 April 2026 under the Income-tax Act, 2025: Form 138 replaces Form 24Q (salary TDS), Form 140 replaces Form 26Q (domestic non-salary TDS), Form 141 replaces Forms 26QB/26QC/26QD/26QE, Form 143 replaces Form 27EQ (TCS), and Form 132 replaces Form 16A (TDS certificate for non-salary).
What is the penalty for not filing GST returns for two consecutive months?
From January 2026, the GST portal automatically suspends the GSTIN of taxpayers who miss GSTR-3B for two consecutive months. Suspension blocks future return filing, e-way bill generation, and means buyers cannot claim ITC on purchases from the suspended entity. Reactivation requires filing all pending returns and clearing all dues.
Conclusion
July 2026 is the most compliance-intensive month for Indian businesses and individual taxpayers since the GST era began. Income tax and GST compliance in July 2026 demands parallel execution across two Acts, multiple GST return types, a mandatory ITR deadline, and an entirely new set of TDS form numbers — all converging in a 31-day window. The one-line formula: file GSTR-1 on time to protect buyer ITC, file GSTR-3B with full tax payment to avoid suspension, file the Q1 TDS return using the correct new-Act forms, and file your ITR by 31 July to preserve carry-forward losses and avoid a cascading penalty position. Act now — every day of delay on any of these deadlines has a calculable, compounding cost.
