Tax Planning Calendar (India)
A Tax Planning Calendar for Indian salaried investors and traders maps the key income tax compliance deadlines and optimisation actions across the April-to-March financial year, enabling proactive rather than reactive decisions on advance tax payments, investment declarations, Form 15G/15H submissions, and year-end capital gains management.
India's financial year runs from 1 April to 31 March, with most compliance deadlines clustered toward the end of the year and the beginning of the assessment year. A structured month-by-month approach helps avoid penalties, last-minute investment decisions, and missed deduction claims.
April was the time to submit investment declarations for the new financial year to the employer's HR or payroll department. These declarations — covering planned 80C investments, HRA claims, home loan interest, and other deductions — determined the TDS that would be deducted from monthly salary. An accurate declaration at the start of the year prevented over-withholding followed by a refund claim or under-withholding followed by advance tax shortfall.
June was the first advance tax due date (15 June), by which at least 15% of estimated annual tax liability had to be paid. Taxpayers with non-salary income including capital gains, rental income, or business income typically needed to pay advance tax in four instalments. The second instalment of 45% cumulative was due by 15 September, the third at 75% cumulative by 15 December, and the final 100% by 15 March.
October and November were critical for form submission. Form 15G (for individuals below 60 years with income below the taxable limit) and Form 15H (for senior citizens) needed to be submitted to banks before interest was credited, to prevent TDS deduction on fixed deposit interest. October 31 was also the due date for filing income tax returns for taxpayers required to get accounts audited under Section 44AB.
December and January were the review months. Investors assessed their capital gains position — whether there were short-term gains that could be offset by booking losses (tax-loss harvesting) before 31 March. ELSS, NPS, and other 80C investments made in January-March counted for the current financial year.
February was the Union Budget month. Changes announced in the Budget effective for the current financial year (FY or AY) required a recalculation of tax liability. Changes effective the following year were noted for early planning.
March was the most compressed month. 15 March was the final advance tax due date. 31 March was the last date for making 80C investments, 80D premium payments, completing tax-loss harvesting, and investing in PPF, NPS 80CCD(1B), and other deduction-eligible instruments for the financial year being closed. A high proportion of ELSS and PPF investment flows historically concentrated in the February-March period, reflecting this deadline effect.