As the new financial cycle progresses, May 2026 emerges as an important month, packed with multiple reporting and filing obligations. Failing to meet these deadlines can result in interest charges, penalties, and compliance notices.
Keeping a basic checklist or calendar of these deadlines can reduce last-minute pressure and help maintain hassle-free compliance throughout the financial year. The following are the key tax due dates to note for May 2026.
May 7 (Thursday) – TDS/TCS Deposits and Declarations
The first major deadline falls on May 7, when taxpayers must deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for April 2026. For government offices that make payments without a challan, the deposit must be completed on the same day.
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This date also marks the deadline for submitting declarations under Section 394(2) of the Income-tax Act, 2025. Such declarations are required from buyers who wish to procure goods without the collection of tax for transactions carried out in April.
May 15 (Friday) – Certificates and Quarterly Filings
May 15 stands out as a significant compliance deadline for taxpayers and institutions dealing with TDS/TCS and other reporting requirements. By this date, taxpayers must issue TDS certificates for taxes deducted in March 2026 under Sections 194-IA (property transactions), 194-IB (rent payments by individuals or HUFs), and 194M (payments to contractors or professionals).
Government departments that deposited TDS or TCS without challans last month must also submit Form 24G by this date. In addition, stock exchanges are required to file a monthly statement detailing transactions where client codes were modified after being registered in the system for April 2026. The quarterly statement of TCS for the period ending March 31 is also due on this date.
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As the month draws to a close, May 30 brings a set of important tax compliance deadlines that taxpayers and reporting entities must meet. By this date, businesses are required to issue TCS certificates for the fourth quarter of the financial year 2025–26 under Section 394.
Additionally, entities falling under Section 285B are also required to submit their annual statements for the previous financial year. Taxpayers are also required to file the challan-cum-statement for tax deducted under Section 393(1) of the Income-tax Act, 2025, for the last month’s transactions.
May 31 (Sunday) – Tax Filings and Compliance Requirements Due
May 31 marks one of the busiest compliance deadlines of the month, with a wide range of tax filings and reporting requirements due. On this day, trustees of approved superannuation funds must file returns for tax deducted from contributions.
Reporting financial institutions are required to e-file their annual statement of reportable accounts for the calendar year 2025 under Section 285BA(1)(k) (Income-tax Act, 1961) (in Form No. 61B), while entities must also submit the statement of financial transactions in Form 61A for the financial year 2025–26 sub-section (1) of section 285BA (Income-tax Act, 1961).
Additionally, the quarterly TDS statement for the quarter ending March 31 must be filed. Individuals whose income exceeds the maximum amount not chargeable to income tax but who have not yet been allotted a PAN are required to apply for one, along with certain key individuals such as directors, partners, trustees, and other responsible officials.
Further, reporting entities must submit donation statements in Form 10BD and issue certificates in Form 10BE to donors for contributions made during the financial year 2025–26.
