The Income Tax Department has released the compliance calendar for January 2026, establishing it as a crucial month for taxpayers, deductors, and reporting entities across India. The month presents a structured timeline of obligations covering tax deduction at source (TDS), tax collection at source (TCS), and quarterly filings for the October-December 2025 period. Timely compliance remains critical as delays can result in interest charges and penalties for defaulting entities.

Early January: TDS and TCS Deposit Requirements

The compliance calendar commences with significant deposit obligations on January 7, 2026. This date serves as the deadline for depositing tax deducted or collected during December 2025, with specific exclusions for deductions under Sections 194-IA, 194-IB, 194M, and 194S by specified persons.

Government offices face mandatory requirements to deposit all sums deducted or collected during December 2025. Additionally, entities with Assessing Officer permission for quarterly TDS deposits under Sections 192, 194A, 194D, or 194H must complete their October-December 2025 period deposits by this date.

Mid-Month: Certificate Issuance and Government Filings

The compliance timeline intensifies during mid-January with certificate issuance requirements and specialized government filings. January 14, 2026, marks the deadline for issuing TDS certificates for taxes deducted in November 2025 under specific sections targeting immovable property transactions, rent payments, contractor payments, and virtual digital asset transactions.

January 15, 2026, presents multiple compliance requirements including Form 24G submissions by government offices for TDS/TCS deposited without challans. The date also encompasses quarterly TCS statement filings, Form 15CC submissions by authorized dealers for foreign remittances, and declarations under Forms 15G and 15H for the October-December quarter.

End of January: Final Quarterly Obligations

The month concludes with comprehensive quarterly statement requirements and specialized industry filings. January 30, 2026, establishes the deadline for quarterly TCS certificate issuance and challan-cum-statement submissions for specific TDS sections by designated entities.

January 31, 2026, represents the final compliance date with quarterly TDS statement filings for the December quarter. Banking companies must submit their quarterly returns regarding non-deduction of tax at source on time deposit interest payments. Sovereign wealth funds and pension funds face additional requirements to intimate investment details for the October-December quarter.

Compliance Impact and Penalties

The structured compliance calendar ensures systematic tax collection and reporting across various economic sectors. Non-compliance with these deadlines typically results in interest charges and penalties, making adherence crucial for maintaining good standing with tax authorities. The comprehensive nature of January 2026 requirements reflects the government's emphasis on quarterly reconciliation and timely tax deposit mechanisms across different transaction categories and entity types.

The December 31, 2024 deadline for filing revised or belated income tax returns for financial year 2023-24 (assessment year 2025-26) has officially closed. While taxpayers can no longer revise their returns through the traditional route, several alternative pathways remain available for claiming legitimate tax refunds.

Impact of December 31 Deadline

The closure of the revision window means taxpayers have lost access to two key filing options that were previously available:

• Belated returns for those who missed the original filing deadline
• Revised returns to correct errors or omissions in already submitted ITRs

This restriction applies even if the income tax department has not yet processed the original return. However, the deadline closure doesn't automatically eliminate refund eligibility for taxpayers who filed their returns on time.

Available Refund Routes

Rectification Under Section 154

The most commonly used alternative involves filing rectification requests for returns that have been processed and received intimation under Section 143(1). This option addresses specific types of errors:

Rectification requests can be submitted online through the income tax e-filing portal and remain accessible beyond the December 31 deadline, making this the primary route for claiming or increasing refunds in 2025.

Pending Processing Cases

Taxpayers whose ITR status shows "under processing" should avoid taking immediate action. The Centralised Processing Centre (CPC) operates within statutory timelines to process returns and issue intimations. When refunds are due and no discrepancies exist, they are issued automatically along with applicable interest.

If processing delays extend beyond permitted periods, taxpayers can raise grievances through the e-filing portal or CPGRAMS system.

Updated Return (ITR-U) Limitations

While Updated Returns remain available from January 1 onwards, they come with significant restrictions that limit their usefulness for refund claims:

Filing ITR-U typically involves paying additional tax and interest, making it unsuitable for refund-seeking taxpayers.

Restricted Options Post-Deadline

Several correction methods are no longer available after December 31:

• Revising deductions or exemptions to increase refunds
• Correcting errors that reduce tax liability through revised returns
• Filing belated returns for assessment year 2025-26

Such corrections are now limited to rectification procedures where applicable, or require departmental approval in exceptional circumstances.

Recommended Actions for Taxpayers

Taxpayers should take systematic steps to ensure refund processing:

• Monitor ITR status regularly on the income tax portal
• Review intimation notices thoroughly upon receipt
• File rectification requests promptly when mismatches are identified
• Verify bank account details to prevent refund processing delays

While the December 31 deadline has closed the traditional revision route, taxpayers with legitimate refund claims retain viable alternatives through rectification procedures and standard processing channels.