Summary of this article
Taxpayers have to file several tax documents in May
Several tax-related deadlines, such as for TDS, TCS, and other mandatory filings
With the changes of the new tax regime taking effect from the beginning of the financial year, May 2026 will have several compliance deadlines for taxpayers. Several tax-related deadlines, such as for tax deducted at source (TDS), tax collected at source (TCS), and other mandatory filings, need to be watched out for. If you miss these dates, it can lead to penalties, interest, or compliance issues, especially under the new tax framework
May 7: TDS and TCS deposit for April
All taxpayers need to deposit TDS and TCS collected during April 2026 with the government by May 7. This is applicable for employers, businesses, and other entities that deduct or collect tax at source. TCS and TDS payments need to be made monthly. Additionally, certain buyers also need to submit certain declarations to avoid TCS on specified transactions carried out in April.
May 15: TDS certificates and quarterly filings
Taxpayers need to file TDS certificates and quarterly filings for tax deducted in March 2026 by May 15 as per the old Income Tax (I-T) Act, 1961. TDS certificates for tax deducted in March 2026 will be issued on this date, particularly for transactions such as buying of immovable property (under Section-194-IA), rent payments exceeding Rs. 50,000 per month (under Section-194-IB), and payments made to contractors or professionals of more than Rs. 50 lakh annually (under Section 194M).
Moreover, for government offices that deposited TDS/TCS without challans, Form 24G must also be submitted by May 15. The quarterly TCS return for the January–March 2026 period must also be filed by this date. Stock exchanges are also required to report any client code modifications during April after registrations are made in the system.
May 30: TCS certificates issuance
For businesses, the deadline to issue TCS certificates for the fourth quarter of FY 2025–26 is May 30 under Section 394 of the old I-T Act.
For any individual carrying on cinematograph film production or engaged in any activity specified under Section 285B of the I-T Act, 1961, annual statements for FY25 need to be filed. Taxpayers must also file challan-cum-statement for deductions made under Section 393(1) of the I-T Act, for all non-salary payments, for transactions made in March.
May 31: Annual Tax Filings
May 31 is one of the key compliance dates of the month when several tax filings will be due. Trustees of approved superannuation funds need to file their returns for deductions in tax from contributors.
Financial institutions also need to e-file their annual statement for accounts reportable for 2025 through Form 61B under Section 285(1)(k)Form 61B under Section 285(1)(k) of the old I-T Act. Specified entities also need to submit the financial statement in Form 61A for FY26 by this date.
