Tax deadlines in May 2026: Key dates you should not miss this month

Tax deadlines: May is one of the busiest months in the income tax calendar, with multiple deadlines clustered within a span of three weeks. These include payments of tax deducted at source (TDS), tax collected at source (TCS), issuance of certificates, and filing of quarterly and annual statements.

The deadlines come at a time when the new financial year 2026–27 has just begun, making early compliance critical for businesses, employers, financial institutions, and individual taxpayers. Any delay or oversight can lead to additional costs and compliance complications.

Here’s a detailed look at the key tax deadlines in May 2026 and what each date means for taxpayers.

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May 7: Deadline for TDS, TCS deposit for April

The first major compliance date is May 7, 2026, when taxpayers must deposit TDS and TCS collected during April.

This applies to employers deducting tax on salaries, businesses making specified payments, and entities collecting tax on transactions. Timely deposit is essential, as delays can attract interest and penalties.

For government offices that make payments without a challan, tax must be credited to the Central Government on the same day.

In addition, buyers must submit declarations under Section 394(2) to avoid TCS on specified purchases made in April.

May 15: TDS certificates, Form 24G, quarterly TCS return due

The next key deadline falls on May 15, 2026, covering multiple compliance requirements.

Taxpayers must issue TDS certificates for tax deducted in March under various provisions of the Income-tax Act, 1961:

• Section 194-IA: TDS on purchase of immovable property
• Section 194-IB: TDS on rent exceeding Rs 50,000 per month
• Section 194M: TDS on payments above Rs 50 lakh to contractors or professionals

Government offices that deposited TDS or TCS without a challan must also submit Form 24G.

The quarterly TCS return for the January–March 2026 period is also due on this date. Additionally, stock exchanges must report client code modifications for April.

May 30: TCS certificates, annual statements, challan filings

May 30, 2026 is the deadline for issuing TCS certificates for the fourth quarter of FY 2025–26.

Businesses must ensure that these certificates are issued on time to enable taxpayers to claim credit.

The same date also applies to filing of annual statements under Section 285B for specified activities, including those engaged in cinematograph film production.

Further, taxpayers are required to file challan-cum-statements for TDS deductions under relevant provisions for recent transactions.

May 31: Key filings including TDS return, Form 61A, Form 61B

The final and most crucial compliance date is May 31, 2026, which involves several filings across categories.

Key requirements include:

• Quarterly TDS return for the quarter ending March 31, 2026
• Form 61A: Statement of financial transactions
• Form 61B: Annual statement of reportable accounts by financial institutions
• Returns by trustees of approved superannuation funds

In addition, reporting entities must file donation statements (Form 10BD) and issue certificates (Form 10BE) to donors for FY 2025–26.

Individuals who do not have a PAN but fall under specified categories, such as directors or partners, are also required to apply by this date.

What taxpayers should do now

Taxpayers should review their obligations for each deadline, organise relevant documents in advance, and ensure timely payments and filings.