Key tax deadlines in May 2026: TDS, TCS and annual filings at a glance
Synopsis
May 2026 packs in some of the year's most consequential tax compliance deadlines — from TDS and TCS deposits on May 7 to a cluster of annual filings on May 31 including Form 61B, Form 61A, and quarterly TDS returns. Businesses and financial institutions face the heaviest burden in the month's final week.
Key Takeaways
7 May 2026 : Deadline to deposit TDS and TCS for April 2026; declarations under Section 394(2) also due.
15 May 2026 : TDS certificates for March deductions under Sections 194-IA, 194-IB, and 194M ; Form 24G and quarterly TCS statement for Q4 FY2025–26 also due.
30 May 2026 : TCS certificates for Q4 FY2025–26 due; annual statements under Section 285B for film and notified activities also required.
31 May 2026 : Form 61B (reportable accounts), Form 61A (financial transactions), and quarterly TDS returns for March quarter all due on the same day.
Individuals without a PAN but with taxable income, along with directors, partners, and trustees , must apply for PAN by 31 May 2026 .
As India's new financial year gathers pace, taxpayers, businesses, and financial institutions face a string of critical compliance deadlines through May 2026, with tax experts warning that missed dates can attract penalties and additional charges under the Income-tax Act. Here is a date-by-date breakdown of what is due and who is affected.
May 7: TDS and TCS deposit deadline
The month's first major compliance date is 7 May 2026, when taxpayers must deposit Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for transactions carried out in April 2026. Government offices making payments without a challan are required to credit the tax directly to the Central Government on the same day — no grace period applies.
Additionally, 7 May is the deadline for submitting declarations under Section 394(2) of the Income-tax Act, 2025, which permits buyers to procure goods without TCS collection for April transactions, provided the requisite declaration is filed in time.
May 15: TDS Certificates, Form 24G and TCS Quarterly Statement
15 May 2026 carries multiple obligations simultaneously. Taxpayers must issue TDS certificates for deductions made in March 2026 under three key provisions:
Section 194-IA (property transactions), Section 194-IB (high-value rent payments), and Section 194M (payments to contractors or professionals). Failure to issue these certificates on time can expose deductors to interest and penalty under the Act.
Government offices that deposited TDS or TCS without challans must also submit Form 24G by this date. Separately, stock exchanges are required to file monthly statements reporting client code modifications for April, and the quarterly TCS statement for the period ending 31 March 2026 falls due on the same day.
May 30: TCS Certificates and Annual Statements for Film and Notified Activities
With 30 May 2026, businesses face fresh obligations. Companies must issue TCS certificates for the fourth quarter of financial year 2025–26 under Section 394 of the Income-tax Act, 2025. On the same date, entities engaged in film production or other notified activities under Section 285B of the Income-tax Act, 1961 are required to submit their annual statements to the tax department.
May 31: The Month's Most Significant Compliance Date
31 May 2026 is arguably the most consequential deadline of the month, with several high-stakes filings converging. 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 of the Income-tax Act, 1961. Specified entities must also submit statements of financial transactions in Form 61A for financial year 2025–26.
The quarterly TDS return for the quarter ending 31 March 2026 is also due on this date — a filing that affects a large cross-section of employers, businesses, and institutions across India.
Additionally, individuals whose income exceeds the basic exemption limit but who do not yet possess a Permanent Account Number (PAN) must apply for one by 31 May. The same obligation extends to key officials including directors, partners, and trustees of relevant entities.
Tax professionals advise businesses to begin preparing documentation well in advance, given the volume of filings concentrated in the final week of May. Non-compliance can trigger interest under Section 201 and penalties that compound over time.
Point of View
Form 61A, quarterly TDS returns, and superannuation fund returns all on 31 May — reflects a structural design flaw in India's compliance calendar that routinely overwhelms smaller businesses and chartered accountants alike. While large corporates have dedicated tax teams to manage the crush, MSMEs and individual deductors are disproportionately exposed to penalties simply because of calendar congestion. The tax department's push toward digital filing has eased some friction, but the clustering of deadlines without staggered due dates remains an unaddressed administrative risk. A phased deadline architecture, already common in GST compliance, would serve income-tax filers equally well.
NationPress
9 Jul 2026
Frequently Asked Questions
What is the first major tax deadline in May 2026?
The first key deadline is 7 May 2026, by which taxpayers must deposit TDS and TCS for April 2026. Government offices paying without challans must credit tax to the Central Government on the same day.
What filings are due on 15 May 2026?
On 15 May 2026, taxpayers must issue TDS certificates for March deductions under Sections 194-IA, 194-IB, and 194M. Government offices must also submit Form 24G, stock exchanges must file client code modification statements, and the quarterly TCS statement for the period ending 31 March 2026 is due.
What makes 31 May 2026 the most significant compliance date?
31 May 2026 sees the convergence of several major filings: the annual Form 61B statement of reportable accounts, Form 61A statements of financial transactions, quarterly TDS returns for the March quarter, and superannuation fund return filings. Individuals without a PAN must also apply by this date.
Who needs to apply for a PAN by 31 May 2026?
Individuals whose income exceeds the basic exemption limit but who do not yet hold a PAN must apply by 31 May 2026. Key officials of relevant entities — including directors, partners, and trustees — are also required to obtain a PAN by this deadline.
What penalties apply for missing these deadlines?
Missing TDS or TCS deadlines can attract interest under Section 201 of the Income-tax Act, along with penalties that compound over time. Tax professionals advise early preparation given the volume of filings concentrated in the last week of May.
