May 2026 brings crucial TDS and TCS filing deadlines

Taxpayers and businesses must comply with several important filing and reporting deadlines throughout May 2026, including TDS, TCS, PAN applications and financial transaction statements. Experts warned that missing the deadlines could lead to penalties, additional charges and compliance-related complications

New Delhi: As the new financial year gains momentum, taxpayers must stay alert to a series of important compliance deadlines scheduled throughout May 2026, with experts stressing that timely action is essential to avoid penalties and additional charges.

The month begins with a crucial deadline on May 7, when taxpayers are required to deposit tax deducted at source and tax collected at source for April.

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Government offices making payments without a challan must credit the tax to the Central Government on the same day.

The date also marks the deadline for submitting declarations under Section 394(2) of the Income-tax Act, 2025, which allows buyers to procure goods without the collection of tax for transactions carried out in April.

The next key date falls on May 15, which involves multiple compliance requirements under the Income-tax Act, 1961.

Taxpayers must issue TDS certificates for deductions made in March under specific provisions such as Section 194-IA for property transactions, Section 194-IB for high-value rent payments, and Section 194M for payments to contractors or professionals.

Government offices that deposited TDS or TCS without challans are also required to submit Form 24G by this date.

Additionally, stock exchanges must file monthly statements reporting client code modifications for April, while the quarterly statement of TCS for the period ending March 31, 2026, is also due on May 15.

Towards the end of the month, May 30 brings further obligations for businesses and specified entities.

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.

Individuals whose income exceeds the basic exemption limit but who do not possess a PAN are required to apply for one, along with certain key officials such as directors, partners, and trustees.