Foreign companies operating in India face a dual compliance burden: they must satisfy India’s statutory deadlines while often maintaining parallel obligations in their home jurisdiction. Missing even one filing deadline can trigger penalties, freeze bank accounts, or trigger notices from the Goods and Service Tax authority or the Income Tax department. The difference between a smooth financial year and a crisis often comes down to whether you have a calendar that actually works—one that accounts for India’s fiscal year (April to March), the staggered nature of tax filings, and the real lead times needed to gather documents.

This guide maps the compliance calendar month by month so that your finance function, legal team, or external adviser knows exactly what is due and when. It covers GST, direct taxes, payroll, foreign remittance rules, and statutory filings. Whether you operate as a branch, a subsidiary, or a representative office, these deadlines will shape your year.

April: New Financial Year Begins

April is the start of the Indian financial year (FY 2026–27 runs from 1 April 2026 to 31 March 2027). By the first week of April, your finance team should have closed the prior year’s books and reconciled all bank accounts and balance sheet items. If you have not yet done so, this is the moment to finalize the March year-end closing—any adjustments made after the first week of April will complicate your audit and tax positions.

If you employ Indian nationals, April is also when new tax deduction rules and new allowances may come into effect. Check your payroll system to ensure that TDS (tax deducted at source) slabs and employee exemptions are updated for the new year. File a revised Form 16 if the prior year’s withholding was incorrect.

If you are a newly incorporated subsidiary or branch, April is when you will set up your statutory registers (board minutes, member registers, director KYC files) and establish your bank accounts if not yet done. Do not defer this; opening a compliant bank account early avoids friction later when you attempt to receive foreign remittances or issue cheques.

May to July: Quarterly Filings and TDS Due Dates

GST Returns and Payment

If your turnover is above the GST registration threshold, you must file GST returns monthly (Form GSTR-1 for outward supplies and Form GSTR-3B for tax liability). The deadline is typically the 20th of the following month. May’s return covers April; June’s covers May, and so on. Late filing incurs penalties. If you are below the threshold (currently ₹40 lakh for most services), you may still be required to register if you receive inter-state supplies or make exports.

Quarterly TDS Filings

If you have paid salary to Indian staff, made payments to contractors, or paid rent or interest, you are likely required to deposit TDS by the 7th of the month following the quarter and file the quarterly TDS return (Form 24Q or 24QH) by the 10th. May covers January–March TDS; August covers April–June, and so on. Each miss triggers notices and interest.

Payroll and Compliance

Issue Form 12BA (certificate of tax deduction) to all salaried employees by 31 May for the prior financial year. This certificate lists gross salary, tax deducted, and other income. Your employees need it to file their personal income tax returns, and you are legally required to issue it.

August to September: Half-Year Review and Advance Tax

By end of August, your finance team should have completed six months of the financial year. Review actual income against projections. If your estimated tax liability for the full year will exceed ₹10,000, you are required to pay advance tax in instalments. The first instalment (15 per cent of expected liability) is due by 15 June, the second (45 per cent) by 15 September, and the third (75 per cent) by 15 December, with the balance due by 31 March. Missing advance tax instalments attracts interest at 12 per cent per annum.

Also by September, ensure that your annual audit process has been planned with your chartered accountant. Audits of foreign company subsidiaries often require careful transfer pricing documentation and careful treatment of inter-company charges. If you have not already engaged an adviser for this, now is the time; auditors are heavily booked from October onwards.

October to December: Year-End Audit Preparation and Form 10-IA

October marks the start of the audit season. Your audit team will need access to all journals, invoices, contracts, bank statements, and inter-company transaction records. If you operate across multiple entities (India plus an overseas parent, for example), ensure that transfer pricing documentation is in place and contemporaneous. India’s transfer pricing rules require that inter-company charges (management fees, interest, royalties, etc.) be at arm’s length; the documentation must be filed with your tax return or face penalties and double taxation.

Foreign companies with a permanent establishment or significant taxable presence in India must file Form 10-IA (Computation of Income and Tax Liability) by 31 December as part of the audit process. This form is not filed independently; it is part of your audited financial statements. However, your auditor must certify it, so coordinate early with your audit firm.

If you are a branch (not a subsidiary), file Form 10-IB to claim foreign tax credit for income taxes paid outside India on the same income. This is critical if your parent company has already taxed the branch’s profit in another jurisdiction; without Form 10-IB, you will pay tax twice on the same income.

January to March: Final Filings and Year-End Close

Advance Tax Final Instalment

The last instalment of advance tax (25 per cent of estimated liability) is due by 15 December. If you defer payment, interest accrues from 15 December to 31 March, so it is better to estimate conservatively and pay on time.

Statutory Compliance Close

By 15 February, your audited financial statements must be signed and finalized. This deadline gives you time to address audit queries and make any adjusting entries before the tax return deadline (31 March for most entities). If you are an LLP or private company, your annual return (Form INC-22A) is also due by 30 April, but do not leave it to the last week.

In March, reconcile all foreign remittances, loan repayments to the parent company, and royalty or management fee payments. Ensure that all FEMA compliance (if applicable) has been tracked. If you have made any cross-border payments, Form 15CB (TDS certificate for non-residents) and Form 15CA must be ready to file with the tax return.

Income Tax Return

The income tax return (Form ITR-4 for corporates, ITR-7 for non-residents) is due by 31 March. This is the single most critical deadline of the year. Include audited financial statements, transfer pricing documentation (if applicable), Form 10-IA, and any amended returns or reconciliations from prior years. Filing late triggers penalties and may invite immediate assessment notices.

Quarterly and Ongoing Filings

Beyond the calendar deadlines, maintain a rolling compliance schedule. GST returns are monthly; TDS filings are quarterly; payroll reconciliations happen monthly. If you have international subsidiaries or branches, File Form 99 (intimation of certain income) and Form 61 (statements to be attached to the return) if applicable. Keep foreign bank account disclosures current; Schedule FA (foreign assets) must be filed with the income tax return if you own foreign assets or have foreign bank accounts.

When to Bring in an Adviser

Foreign companies often underestimate the complexity of India’s compliance regime. A single missed deadline can cascade into penalties, interest, and demands notices that consume far more time and money than getting it right the first time. Our team at AeTx provides monthly compliance, annual audit, and international tax advice designed specifically for cross-border businesses. We handle the calendar so your finance team can focus on operations.

If you are unsure whether you need to register for GST, how to treat inter-company payments, or whether your current payroll withholding is correct, it is worth a conversation early rather than a correction later.

Start Now

The best time to implement a compliance calendar was when you opened your Indian entity. The second-best time is today. Message us on WhatsApp at +91 9810 555 783 to discuss your current calendar and identify any gaps.

Related reading