Life After Registration · Chapter 4
Every quarter: TDS returns, advance tax and board meetings
In short
Every quarter a business files TDS returns (due 31 July, 31 October, 31 January and 31 May), pays advance tax by 15 June, September, December and March, and companies hold board meetings.
Every quarter, a business that deducts tax files its TDS returns (due 31 July, 31 October, 31 January and 31 May), pays advance tax by 15 June, 15 September, 15 December and 15 March, and a company holds its board meetings. QRMP filers also file their GST returns once a quarter.
Four times a year, a second layer of compliance comes due.
What are the TDS return due dates?
| Quarter | Due date |
|---|---|
| April–June | 31 July |
| July–September | 31 October |
| October–December | 31 January |
| January–March | 31 May |
After filing, TDS certificates are issued to the people whose tax was deducted.
A TDS return is a quarterly statement listing every deduction: who was paid, their PAN, how much, and how much tax was deducted and deposited. It is what makes the tax show up in the payee's own tax credit statement, so a late or wrong return hurts your vendors and employees too.
New TDS form numbers from April 2026
The Income-tax Act, 2025 replaced the Income-tax Act, 1961 from 1 April 2026, and the TDS forms were renumbered. Periods up to 31 March 2026 still use the old forms.
| Return | Old form | New form (from April 2026) |
|---|---|---|
| TDS on salary | 24Q | Form 138 |
| TDS on other payments to residents | 26Q | Form 140 |
| TCS return | 27EQ | Form 143 |
| TDS on payments to non-residents | 27Q | Form 144 |
The TDS certificates were renumbered too: Form 16 for salary is now Form 130, and Form 16A for other payments is now Form 131. A late TDS return attracts a fee of ₹200 a day, capped at the TDS amount in that return. Check current forms and due dates on incometax.gov.in.
Who has to pay advance tax?
If the entity's tax for the year is expected to be ₹10,000 or more, advance tax is paid in instalments by 15 June, 15 September, 15 December and 15 March. Short payment attracts interest.
| By | Cumulative tax paid |
|---|---|
| 15 June | 15% of the year's tax |
| 15 September | 45% |
| 15 December | 75% |
| 15 March | 100% |
Advance tax means paying income tax during the year as you earn, instead of in one lump sum after the year ends. The ₹10,000 limit is on tax still payable after TDS. Small businesses using the presumptive scheme may pay the whole amount in one instalment by 15 March. Estimating profit each quarter is much easier when the books are up to date.
How many board meetings must a company hold?
A company holds at least four board meetings a year, with not more than 120 days between two meetings — in practice, one each quarter. Small companies and OPCs need at least one in each half of the calendar year.
For a small company, an OPC or a dormant company, the two meetings must be at least 90 days apart. An OPC with only one director does not need to hold board meetings at all. At each meeting, the quarter's accounts, compliance status and major decisions are usually reviewed, and minutes are recorded. LLPs have no legal requirement for board meetings.
GST under QRMP
If you opted for QRMP, GSTR-1 and GSTR-3B are filed once a quarter.
GSTR-1 for the quarter is due by the 13th of the month after the quarter, and GSTR-3B by the 22nd or 24th depending on your state. Tax for the first two months of the quarter is still paid monthly by the 25th, as explained in the previous chapter.
The quarter is also a natural point to look back. Comparing each quarter's TDS, GST and advance tax with the books catches mistakes while they are still small and cheap to fix, instead of discovering them at year end or through a notice.
A simple quarterly checklist
- Reconcile TDS deducted with TDS deposited for the three months, and file the TDS return by the due date.
- Download and share TDS certificates with vendors and, for salary, the yearly certificate with employees.
- Estimate the year's profit and pay the advance tax instalment by the 15th.
- Hold the board meeting, review the quarter's accounts and record the minutes.
- For QRMP filers, file the quarterly GSTR-1 and GSTR-3B.
Key takeaways
- TDS returns four times a year, now in Forms 138, 140, 143 and 144.
- Advance tax on the 15th of June, September, December and March.
- Board meetings roughly every quarter for companies.
- QRMP filers file GST returns quarterly but still pay tax monthly.
Frequently asked questions
What are the TDS return due dates?
Quarterly TDS returns are due on 31 July for April to June, 31 October for July to September, 31 January for October to December, and 31 May for January to March. From 1 April 2026, under the Income-tax Act, 2025, the salary TDS return is Form 138 and the resident non-salary return is Form 140.
What are the new TDS return forms from April 2026?
With the Income-tax Act, 2025 in force from 1 April 2026, the old TDS form numbers were replaced. Form 24Q for salary became Form 138, Form 26Q for other payments to residents became Form 140, Form 27Q for non-residents became Form 144, and the TCS return 27EQ became Form 143. Earlier periods still use the old forms.
Who has to pay advance tax in India?
Any taxpayer, including a company, LLP, firm or individual with business income, whose tax for the year after TDS is expected to be ₹10,000 or more must pay advance tax. Companies and most businesses pay 15%, 45%, 75% and 100% of the year's tax by 15 June, 15 September, 15 December and 15 March.
How many board meetings must a private company hold in a year?
A company must hold at least four board meetings a year, with a gap of not more than 120 days between two meetings. A small company, an OPC and a dormant company need only one meeting in each half of the calendar year, with at least 90 days between the two meetings. An OPC with a single director is exempt.
What is the late fee for filing a TDS return late?
A late fee of ₹200 per day applies for every day the TDS return is delayed, but the total cannot exceed the amount of TDS in that return. It must be paid before the return is accepted. In addition, a penalty can be levied if the return is not filed within one year of the due date or has incorrect details.
