Indian taxpayers and tax collectors must prepare for significant compliance deadlines in October and November 2026, as the nation transitions into the first full tax year under the new Income-tax Act, 2025. This updated legislation introduces a series of revised form numbers for various Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) compliances.
It is imperative for deductors and collectors to familiarize themselves with these new forms and ensure all filings are submitted punctually to prevent penalties and other compliance-related repercussions.
Navigating India's New Income-tax Act 2025
The Income-tax Act, 2025, replaces the previous 1961 framework, bringing with it updated regulations and form requirements. Businesses must accurately determine whether a transaction falls under the 1961 or 2025 Act based on the transaction date to select the correct applicable form for filing.
Revised Forms and Compliance Requirements
The new act streamlines several compliance processes, but requires diligent attention to the updated form numbers. For instance, the quarterly TDS statement for salaries (previously Form 24Q) is now Form 138, and non-salary payments (formerly Form 26Q) are covered by Form 140. Similarly, TDS on payments to non-residents (old Form 27Q) uses Form 144, and the TCS statement (old Form 27EQ) is now Form 143.
Key Deadlines for October 2026
October 30: Form 141 Challan-cum-Statement
The combined challan and statement for TDS deducted during September on specific transactions, including certain property purchases and rent payments, must be filed by this date. Deductors should verify the relevant provisions and ensure timely submission.
October 31: Quarterly TDS and TCS Statements
Quarterly statements for TDS and TCS covering the July-September 2026 period are due. Key forms include:
- Form 138: For TDS on salary payments (replaces Form 24Q).
- Form 140: For TDS on non-salary payments to residents (replaces Form 26Q).
- Form 144: For TDS on payments made to non-residents (replaces Form 27Q).
- Form 143: For TCS statements (replaces Form 27EQ).
Deductors and collectors must cross-reference their requirements with the new form numbers before filing.
Critical Dates for November 2026
November 7: Deposit of October TDS
Generally, TDS deducted during October must be deposited with the government by this date, subject to any specific exceptions. Businesses are advised to reconcile their deductions to ensure the tax amount is deposited promptly.
November 15: Issuance of Quarterly TDS Certificates
Deductors are required to issue TDS certificates for the July-September quarter by this deadline. For non-salary payments, the new Form 131 replaces the earlier Form 16A.
November 30: Form 141 for October Transactions
The combined challan and statement for TDS deducted during October on specified transactions is due by the end of November.
Ensuring Timely Compliance and Avoiding Penalties
To avoid severe penalties, it is crucial for deductors to:
- Reconcile all tax deducted or collected.
- Deposit the amounts with the government within the stipulated deadlines.
- Utilize the correct, updated forms for all filings.
- Issue TDS and TCS certificates to deductees within the prescribed timelines.
Delayed filing of TDS or TCS statements can incur a late fee of ₹200 per day, in addition to potential interest and other penalties under applicable provisions of the Income-tax Act, 2025.