India’s July 2026 Income Tax Calendar: New ITR, TDS & TCS Forms You Must Know

July 2026 is one of the busiest compliance months for taxpayers in India. It marks the completion of the first quarter under the Income-tax Act, 2025, while also bringing several filing obligations that continue under the Income-tax Act, 1961, for Tax Year (TY) 2026-27.

Businesses, employers, deductors, authorized dealers, International Financial Services Centre (IFSC) units, non-resident taxpayers, and individual assessees should review the July compliance calendar carefully to avoid interest liabilities, penalties, and reporting defaults.

The major deadlines during the month fall on July 7, July 15, July 30, and July 31, 2026.

July 7, 2026: TDS, TCS, and declaration reporting

The first compliance deadline of the month relates primarily to tax deduction and collection obligations for June 2026 and the quarter ending June 30, 2026.

Deposit of TDS and TCS for June 2026

Find Business Support

We provide integrated tax, accounting, and legal advisory. Learn how our experts can help.

Employers, businesses, and other deductors must deposit tax deducted at source (TDS) and tax collected at source (TCS) during June 2026 with the central government by July 7, 2026.

This applies to salary payments, professional fees, rent, commission, contractor payments, interest, and other transactions subject to withholding tax.

Quarterly deposit of TDS for approved deductors

Deductors who have received approval from the assessing officer (AO) to deposit TDS on a quarterly basis must deposit tax deducted during April–June 2026 by July 7.

Upload of Form No. 127

Sellers and collectors who receive Form No. 127 declarations from buyers seeking lower or nil TCS treatment must upload all declarations received during June 2026.

Upload of Form No. 121

Payers and deductors must upload details of Form No. 121 declarations received from eligible recipients during the quarter ending June 30, 2026. The form allows recipients to seek non-deduction or concessional deduction of tax subject to prescribed conditions.

July 15, 2026: TDS certificates and information reporting

Several reporting obligations fall due on July 15, particularly for government offices, stock exchanges, authorized dealers, IFSC units, and intermediaries dealing with non-resident investors.

Issue of TDS certificate in Form No. 132

Deductors must issue Form No. 132 certificates for specified taxes deducted in May 2026. The certificate serves as proof of tax deduction and enables recipients to claim credit while filing their income tax returns.

Quarterly remittance reporting by authorized dealers and IFSC units

Authorized dealers are required to file Form No. 147, while eligible IFSC units must file Form No. 148, reporting remittances made during the quarter ending June 30, 2026.

Form No. 92 for non-resident transactions

Specified funds and stockbrokers must furnish Form No. 92 containing details of transactions involving eligible non-resident investors for the quarter ending June 30, 2026.

July 30, 2026: Challan-cum-statement filing

Form No. 141 for specified TDS transactions

Persons responsible for deducting tax under specified provisions of Section 393 must furnish the challan-cum-statement in Form No. 141 for tax deducted during June 2026.

This filing combines tax payment and reporting requirements into a single compliance document.

July 31, 2026: Major quarterly and annual compliance deadline

July 31 is the most significant compliance date of the month, covering quarterly TDS/TCS statements, non-resident reporting, and income tax return filings for eligible taxpayers.

Form No. 138 – Salary TDS statement

Employers deducting tax from salaries must file Form No. 138 for the quarter ending June 30, 2026. The statement reports salary payments and tax deductions made during the quarter.

Form No. 140 – Non-salary TDS statement

Deductors responsible for withholding tax on resident payments such as professional fees, commission, brokerage, rent, and contractor payments must file Form No. 140 for the quarter ending June 2026.

Form No. 144 – Non-resident TDS statement

Tax deducted on payments made to non-residents during the quarter must be reported through Form No. 144.

Quarterly TCS return

Collectors of tax at source must file Form No. 143 for the quarter ending June 30, 2026, reporting tax collected during the period.

Virtual Digital Asset (VDA) reporting

Cryptocurrency exchanges and other eligible intermediaries must file Form No. 142 containing details of tax deducted in relation to transfers of virtual digital assets during the quarter ending June 2026.

Investment reporting by foreign investors

Certain exempt foreign investors must furnish quarterly disclosures regarding investments made in India, including:

• Form No. 175 by eligible pension funds
• Form II by sovereign wealth funds (SWF)
• Form No. 10BBD for specified exempt investment structures

ITR filing deadline TY 2026-27

Find Business Support

We help companies prepare for TY 2026-27 tax deadlines, ensure timely filings, and maintain compliance with reporting obligations.

July 31, 2026, is also the due date for filing income tax returns for TY 2026-27 for eligible taxpayers whose accounts are not required to be audited and who are not subject to transfer pricing provisions under Section 92E.

The deadline generally covers:

• Salaried individuals
• Pensioners
• Individuals with income from house property or other sources
• Small taxpayers whose accounts are not subject to audit
• Certain non-corporate taxpayers not covered by extended filing deadlines

Taxpayers required to undergo an audit or comply with transfer pricing regulations are subject to separate due dates later in the financial year.

Supporting forms linked to July 31 return filing

Several declarations and certificates under the Income-tax Rules, 1962, must also be furnished by taxpayers claiming specific deductions or reliefs while filing returns.

These include:

1. Form 10E for relief under Section 89 relating to salary arrears or advance salary
2. Form 10BA for deduction under Section 80GG for rent paid
3. Form 10CCD for royalty income claimed under Section 80QQB by authors
4. Form 10CCE for royalty income claimed under Section 80RRB by patentees
5. Form 10H for foreign inward remittance relating to royalty income
6. Form 10-IA for disability-related deductions under Sections 80DD and 80U
7. Form 10-EE for relief under Section 89A relating to foreign retirement benefit accounts
8. Form 3CFA for concessional taxation of patent royalty income under Section 115BBF

Key takeaway

Find Business Support

Are You Ready for India's New Income Tax Laws? Speak with Our DSA India Tax Advisory Team

July 2026 is the first major quarterly compliance milestone under the Income-tax Act, 2025. Employers should prioritize the filing of salary TDS returns in Form No. 138 and timely deposit of June TDS liabilities, while businesses should review their obligations relating to Forms 140, 143, 144, 121, and 127.

Individual taxpayers planning to file their income tax returns for TY 2026-27 should also ensure that all supporting declarations and certificates are furnished before the July 31 deadline to avoid delays in processing or denial of deductions and reliefs.

Managing tax in India is critical for FDI companies to stay compliant with local regulations, GST requirements, and global standards such as IFRS, navigate complex filings, and apply correct tax treatments. A well-structured tax process helps to avoid penalties and stay 100% compliant.

Divyansh Shrivastava

Assistant Manager

Talk to an expert at India@dezshira.com

Or request a consultation at +91 0124 4001785 ext. 202

• Previous Article Insolvency and Bankruptcy Code Amendment 2026: What Lenders, Foreign Investors Need to Know
• Next Article