Your salary is sorted, your SIP is running — but if you miss July's tax dates, the government charges you interest and penalties, straight out of your pocket.
July is the single most important tax month for salaried Indians: ITR (income tax return) filing, TDS (tax deducted at source) deposits, and more all land in the same four weeks.
Missing the ITR deadline alone can cost you ₹5,000 in late fees — and that's before interest kicks in at 1% per month on any tax you still owe.
What this means for you
- If you're salaried and your income is above ₹2.5 lakh, you likely need to file your ITR by July 31 — no extensions have been announced yet.
- If your employer deducted tax from your salary, they have their own July deposit deadlines — delays on their end affect your tax statement (Form 26AS, the official record of all tax deducted in your name) and can hold up any refund you're owed.
- Miss the deadline and a ₹5,000 penalty applies immediately, plus 1% monthly interest on unpaid tax — it adds up fast.
What you can do
- Open the Income Tax portal (incometax.gov.in) today and download your Form 26AS (your tax statement) and AIS (Annual Information Statement — a summary of all income the government has on record for you). Check that your employer's TDS is already reflected — most salaried returns take under 30 minutes once documents are ready.
- Set a phone reminder for July 25 — give yourself a 6-day buffer before the July 31 deadline so a last-minute site crash doesn't cost you ₹5,000.
You don't need a CA for a straightforward salaried return — just your Form 16 (the salary certificate your employer gives you every year) and 20 minutes. Start now and July won't stress you out.
Grow with clarity 🌱