Important Dates (Advance Tax Payment)

Financial Year (FY) - The period from 1st April to 31st March. (For example, FY 2007-2008 would have period 1st April 2007 to 31st March 2008)

Filing of your Return for a Financial Year

Last date for filing your return as an individual is 31st July after the end of the financial year. (For example, for FY 2007-2008 it would be 31st July 2008).

Sometimes the dates are also extended by the Income Tax department. For extension of dates please keep a watch.

Advance Tax dates for a Financial Year

•1st installment – 15th September within the Financial Year (For example, for FY2007-2008 it would be 15th September 2007)
•2nd installment – 15th December within the Financial Year (For example, for FY 2007-2008 it would be 15th December 2007)
•3rd installment - 15th March within the Financial Year (For example, for FY 2007-2008 it would be 15th March 2008)

Due Dates for filing of Returns of Income

I Where the assessee is a Company - 31st Sept of the Assessment year.

II Where the assessee is a person other than a company :-
a) where accounts of the assessee are to be Audited or 2.a working partner of a firm whose accounts are required to be audited under the Income Tax Act or any other law - 31st Sept of the Assessment Year.

b) Where the return has to be filed under the one-by-six criteria - 31st Sept of the Assessment Year.

c) Any other assessee - 31st July of the Assessment Year

                              The due date for small firms and businesses with turnovers less than Rs 40 lakh is July 31. Besides companies, the due date is Sept 31 for businesses or firms with turnovers above Rs 40 lakh.