Deductors and tax collectors have several tax deduction at source (TDS) and tax collection at source (TCS) compliance deadlines to track in October and November 2026, including quarterly statements for July-September and challan-cum-statements for specified transactions.
The deadlines fall in the first full tax year under the Income-tax Act, 2025, which has introduced revised form numbers for several TDS and TCS compliances.
Mrinal Mehta, Treasurer, Bombay Chartered Accountants’ Society (BCAS), said deductors should familiarise themselves with the revised forms and ensure they meet the applicable filing and payment deadlines.
October 2026: TDS and TCS deadlines
October 30: Form 141
The challan-cum-statement for TDS deducted on specified transactions, including certain property purchases and rent payments, during September is due by October 30.
October 31: Quarterly TDS/TCS statements
Quarterly statements for July-September 2026 are due by October 31. The applicable forms include:
Form 138: TDS on salary; earlier Form 24Q.
- Form 140: TDS on payments other than salary to residents; earlier Form 26Q.
- Form 144: TDS on payments to non-residents; earlier Form 27Q.
- Form 143: TCS statement; earlier Form 27EQ.
November 2026: Key TDS dates
November 7: Deposit of TDS
Tax deducted during October must generally be deposited with the government by November 7, subject to applicable exceptions.
November 15: Quarterly TDS certificates
Deductors must track the deadline for issuing TDS certificates for the July-September quarter. For non-salary payments, the earlier Form 16A has been replaced by Form 131 under the new framework.
November 30: Form 141
The challan-cum-statement for specified transactions on which TDS was deducted during October is due by November 30.
What should deductors keep in mind?
Mehta said deductors should check whether a transaction falls under the Income-tax Act, 1961, or the Income-tax Act, 2025, before selecting a form, as the applicable framework depends on the relevant transaction date.
Delayed filing of TDS/TCS statements can attract a late fee of ₹200 per day, along with possible interest and penalty consequences under the applicable provisions.
Deductors should reconcile tax deducted or collected, deposit the amounts within the prescribed timelines and use the correct forms for filing statements and issuing certificates.