e-filing of annual statement, TCS and TDS: What are the major tax deadlines you cannot miss in May?
May 2026 brings crucial tax compliance dates, including May 7 for TDS/TCS deposit and declarations, and May 15 for issuing TDS certificates and filing Form 24G.
Income Tax- Representational image
May tax deadlines: As the new financial year gathers pace, May 2026 brings a series of key tax deadlines that taxpayers cannot afford to miss. Experts are urging individuals and businesses to stay alert and act on time to avoid penalties and extra charges. With multiple compliance requirements lined up through the month, careful planning and timely submission have become essential. Here are all the details you need to know about the May 2026 tax deadlines.
What are the major May 2026 tax deadlines?
The first major deadline falls on May 7. By this date, taxpayers must deposit tax deducted at source (TDS) and tax collected at source (TCS) for April. Government offices that make payments without using a challan must credit the tax to the Central Government on the same day.
May 7 is also important for buyers who need to submit declarations under Section 394(2) of the Income-tax Act, 2025. This allows them to purchase goods without tax collection for transactions made in April.
Another significant date is May 15, which brings several compliance requirements under the Income-tax Act, 1961. Taxpayers must issue TDS certificates for deductions made in March under provisions such as Section 194-IA for property deals, Section 194-IB for high-value rent, and Section 194M for payments to contractors or professionals. In addition, government offices that deposited TDS or TCS without challans must submit Form 24G by this date, making it a critical checkpoint for compliance.
Companies must issue TCS certificates for the fourth quarter
Companies must issue TCS certificates for the fourth quarter of the financial year 2025 26 under Section 394 of the Income-tax Act, 2025. On the same day, entities engaged in film production or notified activities under Section 285B of the Income-tax Act, 1961 are required to submit their annual statements.
May 31 stands out as one of the most significant compliance dates, with several filings due. Trustees of approved superannuation funds must file returns for tax deducted from contributions.
Financial institutions are required to e-file their annual statement of reportable accounts for calendar year 2025 in Form 61B under Section 285BA, while specified entities must submit statements of financial transactions in Form 61A for the financial year 2025 26. The deadline also applies to the filing of quarterly TDS returns for the quarter ending March 31.
(With inputs from agencies)
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