Income Tax Compliance Calendar December 2026: Key Due Dates

Introduction

The Income Tax Compliance Calendar December 2026 covers important obligations related to the third advance tax installment, belated income tax return filing and eligible foreign asset disclosures. Tracking these requirements helps taxpayers manage their tax liabilities, avoid interest and late filing fees, and meet applicable statutory obligations.

Individuals, businesses, professionals, LLPs and companies should review their estimated income, advance tax payments, outstanding returns and available tax credits before completing the relevant compliances. December is also important for eligible taxpayers considering disclosures under the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS), 2026.

Income Tax Compliance Calendar December 2026

Plan your advance tax payments, belated return filings, and other applicable tax obligations with our Income Tax Compliance Calendar December 2026.

Disclaimer: Advance tax for Tax Year 2026-27 falls under the Income-tax Act, 2025, while AY 2026-27 income tax returns continue under the Income-tax Act, 1961. FAST-DS is a separate voluntary disclosure scheme available only to eligible taxpayers.

Penalties, Interest and Consequences of Income Tax Non-Compliance

Failure to pay advance tax, file income tax returns or complete foreign asset disclosure requirements within prescribed timelines may result in interest, late filing fees, restrictions on tax benefits and other statutory consequences. The applicable provisions depend on the relevant tax year, outstanding liability and nature of default.

Important Notes:

• Advance Tax Interest: Under Section 425 of the Income-tax Act, 2025, interest on the applicable December installment shortfall is generally calculated at 1% per month for three months, resulting in 3% for the prescribed period, subject to statutory conditions and exceptions.
• Insufficient Advance Tax: Section 424 generally provides for interest at 1% per month or part thereof where advance tax is unpaid or less than 90% of assessed tax, subject to applicable conditions.
• Belated ITR Filing: For AY 2026-27, Section 234F of the Income-tax Act, 1961 governs late filing fees. Interest under Section 234A may separately apply where tax remains unpaid.
• Loss Carry-Forward: Certain business and capital losses generally require timely filing of the original return for carry-forward eligibility. Unabsorbed depreciation and certain other losses follow different rules.
• FAST-DS Declaration: Eligible taxpayers must submit Form 1 within the prescribed scheme period. Declarations cannot be submitted after 31 December 2026.
• FAST-DS Payment: Payment is ordinarily required within two months from the end of the month in which Form 2 is received. A further period of up to two months is permitted with simple interest at 1% per month or part thereof.
• FAST-DS Protection: The scheme provides specified relief from further tax, penalty and prosecution under the Black Money Act, 2015, only where a valid declaration is made and all prescribed conditions are fulfilled.

Disclaimer: The above consequences are governed by the Income-tax Act, 2025, Income-tax Act, 1961, Finance Act, 2026 and applicable rules. Actual liability depends on the taxpayer’s circumstances, statutory exceptions, eligibility conditions and subsequent government notifications.

Manage Your December 2026 Income Tax Compliance with Ebizfiling

December brings important income tax obligations, including the third advance tax installment, belated income tax return filing and applicable foreign asset disclosure requirements. Taxpayers must review their estimated tax liability, previous payments, income records and filing eligibility to avoid interest, late fees and other statutory consequences.

Ebizfiling provides professional support for Income Tax Return Filing, advance tax calculations, Business Income Tax Return Filing, TDS Return Filing, tax audit assistance and income tax notice-related matters.

Our team helps individuals, businesses, LLPs and companies review applicable tax provisions, reconcile supporting records and manage relevant filing requirements. We also assist with reviewing foreign income and asset disclosures, where applicable, under the relevant income tax framework.

Conclusion

The Income Tax Compliance Calendar December 2026 highlights important statutory requirements, including the third advance tax installment, belated income tax return filing for AY 2026-27 and the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, for eligible taxpayers.

Taxpayers should verify their advance tax calculations, reconcile tax credits, review outstanding return filing obligations and assess applicable foreign asset disclosures before completing the relevant compliances. Timely preparation can help reduce interest liabilities, late filing fees and reporting errors.

Businesses should also monitor official CBDT notifications, statutory amendments and applicable deadline extensions to ensure compliance under the relevant income tax provisions.

For a consolidated overview of monthly statutory requirements, refer to our Compliance Calendar December 2026, covering Income Tax, GST, TDS and TCS, PF and ESI, LLP, OPC and Company compliance deadlines.

Frequently Asked Questions