As the new financial year gathers pace, taxpayers need to stay vigilant about several important compliance deadlines throughout May 2026. Experts emphasize that timely action is crucial to avoid penalties and extra charges.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. Government offices that make payments without a challan are required to credit the tax to the Central Government on the same day. This date also marks the deadline for submitting declarations under Section 394(2) of the Income-tax Act, 2025, allowing buyers to purchase goods without TCS for April transactions.
The next key date is May 15, which involves multiple compliance requirements under the Income-tax Act, 1961. Taxpayers must issue TDS certificates for deductions made in March under provisions such as Section 194-IA (property transactions), Section 194-IB (high-value rent), and Section 194M (payments to contractors or professionals). Government offices that deposited TDS or TCS without challans must submit Form 24G by this date.
Additionally, stock exchanges are required to file monthly statements of client code modifications for April, and the quarterly TCS statement for the period ending March 31, 2026, is also due.Towards the end of the month, May 30 brings further obligations. Companies must issue TCS certificates for the fourth quarter of FY 2025–26 under Section 394 of the Income-tax Act, 2025. Entities involved in film production or notified activities under Section 285B of the Income-tax Act, 1961 must also submit their annual statements.May 31 is one of the most significant compliance dates of the month, 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. Additionally, specified entities must submit statements of financial transactions in Form 61A for the financial year 2025–26.
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