As the new financial year kicks off, taxpayers should be aware of crucial compliance deadlines in May 2026. On May 7, taxpayers must pay tax deducted at source and tax collected at source for April. Government offices making payments without a challan must credit the tax to the Central Government on the same day. Additionally, declarations under Section 394(2) of the Income-tax Act, 2025, for April transactions are also due.
May 15 marks another important date with various compliance requirements under the Income-tax Act, 1961. Taxpayers need to issue TDS certificates for deductions made in March under specific provisions. Government offices that deposited TDS or TCS without challans must submit Form 24G by this date. Stock exchanges must also file monthly statements for client code modifications and quarterly TCS statements by May 15.
Towards the end of the month, on May 30, businesses and specified entities have further obligations. Companies must issue TCS certificates for the fourth quarter of the financial year 2025–26. Entities involved in film production or notified activities under Section 285B of the Income-tax Act, 1961, must submit their annual statements on the same day.
May 31 is a significant compliance date with multiple filings due. Trustees of approved superannuation funds must file returns for tax deducted from contributions. Financial institutions need to e-file their annual statement of reportable accounts for the calendar year 2025. Specified entities must submit statements of financial transactions for the financial year 2025–26. The deadline also covers the filing of quarterly TDS returns for the quarter ending March 31. Individuals with income above the basic exemption limit but without a PAN must apply for one, along with certain key officials like directors, partners, and trustees.
