As the new financial year settles in, May 2026 has several important tax deadlines that taxpayers should keep in mind. These include due dates for , quarterly filings, among others. Missing them can lead to consequences such as penalties or extra charges.
Hence, effective tax planning is crucial, as it reduces tax liability, maximizes savings, eliminates last-minute stress and ensures compliance through timely actions. Here’s a list of key tax deadlines in May 2026.
TDS/TCS deposits and declarations — May 7
The first key deadline falls on May 7, where taxpayers must deposit tax deducted at source (TDS) and tax collected at source () for April 2026. In the case of government offices making payments without a challan, a tax must be paid to the credit of the Central Government on the same day
There is another deadline on May 7, by when an individual must submit declarations under Section 394(2) of the Income-tax Act, 2025. Such declarations are required from buyers for obtaining goods without the collection of tax for transactions carried out in April, 2026.
TDS certificates and quarterly filings — May 15
May 15 is the due date for issuing TDS certificates for taxes deducted in March 2026 under specific sections of the Income-tax Act, 1961:
- Section 194-IA: Applies to TDS on the purchase of immovable property (like land or a house).
- Section 194-IB: Covers TDS on rent paid by individuals or HUFs when rent exceeds ₹50,000 per month.
- Section 194M: Applies when individuals or HUFs pay contractors or professionals more than ₹50 lakh in a year.
Government offices that deposited TDS or TCS without challans last month must also submit Form 24G by this date.
Apart from that, 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, 2026 is also due on May 15, 2026.
TCS certificates and statements — May 30
May 30 is the deadline for businesses to issue TCS certificates for the fourth quarter of the financial year 2025–26 under Section 394.
On the same day, any person carrying on the production of a cinematograph film or engaged in any specified activity (falling under Section 285B of I-T Act 1961) are also required to submit their annual statements for the previous financial year 2025-26.
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 previous month’s transactions.
Tax filings and compliance requirements — May 31
May 31 is one of the most important compliance dates of the month, with several tax-related filings due. Among them, trustees of approved superannuation funds must file returns for tax deducted from contributions.
Financial institutions are also required to e-file their annual statement of reportable accounts for the calendar year 2025 in Form No. 61B under Section 285BA(1)(k), which specified entities must also submit the statement of financial transactions in Form 61A for the FY 2025–26.
The quarterly TDS return for the quarter ending March 31 is also due on this date. Individuals whose exceeds the basic exemption limit but do no have a PAN must apply for one, along with certain key individuals such as directors, partners, trustees, and other responsible officials.
Additionally, reporting entities are required to submit donation statements in Form 10BD and issue certificates in Form 10BE to donors for contributions made during the financial year 2025–26.