Taxpayers Alert: DON'T FORGET 6 Deadlines Related To Income Tax In March; New Income Tax Slabs For AY 2025-26

With the March 2025 month commenced, it is important for income taxpayers to remember key important deadlines for abiding by the tax regulations. From TDS filing to filing for TDS or TCS on deposits or fourth instalment of advance tax, all due dates are scheduled in March. The government has revised the income tax slabs under the new regime for assessment of 2025-26 year.

March 2:

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of January, 2025.

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of January, 2025.

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of January, 2025.

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January 2025.

March 7:

- Due date for deposit of Tax deducted/collected for February 2025. However, all sums deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day when tax is paid without the production of a challan.

March 15:

- Fourth instalment of advance tax for the assessment year 2025-26.

- Due date for payment of whole amount of advance tax in respect of assessment year 2025-26 for assessee covered under presumptive scheme of section 44AD / 44ADA.

- Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2025 has been paid without the production of a Challan.

March 17:

- Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2025.

- Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of January, 2025.

- Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of January, 2025.

March 30:

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2025.

- Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2025.

- Country-By-Country Report in Form No. 3CEAD for the previous year 2023-24 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group.

March 31:

- Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2023 to March 31, 2024) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.

- Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in previous year 2022-23, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4).

- Furnishing of an updated return of income for the Assessment Year 2022-23.

Here are the details of revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) are as follows:

New Tax Slabs:

Salary Upto Rs 4 Lakh - NIL

Salary From Rs 4 Lakh To Rs 8 Lakh: 5% Tax Rate

Salary From Rs 8,00,001 To Rs 12,00,000: 10% Tax Rate

Salary From 12,00,001 To Rs 16,00,000: 15% Tax Rate

Salary From Rs 16,00,001 To Rs 20,00,000: 20% Tax Rate

Salary From Rs 20,00,001 To Rs 24,00,000: 25% Tax Rate

Salary Above Rs 24 Lakh: 30% Tax Rate

With the revised tax structure, individuals earning up to Rs 12,00,000 will have no tax liability due to the increased rebate of Rs 60,000. For salaried individuals, the tax liability will be zero for incomes up to Rs 12,75,000, due to the Rs 75,000 standard deduction, as per ClearTax.