May is considered one of the most important months for taxpayers in India. During this month, several tax-related deadlines must be completed on time.
Missing any of these deadlines can lead to penalties, late fees, and even interest charges.
If you are a taxpayer, business owner, or salaried employee dealing with TDS or TCS, here are 10 important compliance dates you should keep in mind.
1. May 7: Deposit TDS and TCS
The government has fixed May 7, 2026, as the last date to deposit TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) deducted during April 2026.
Anyone responsible for deducting or collecting tax must deposit it into the government treasury before this deadline. Missing the date may attract interest and penalties.
2. May 15: Issue TDS Certificates for March
The last date for issuing TDS certificates for taxes deducted in March 2026 is May 15.
This rule applies to:
Form 16B
Form 16C
Form 16D
Form 16E
These certificates are issued under sections 194-IA, 194-IB, 194M, and 194S of the Income Tax Act.
Important Quarterly Compliance Dates
Taxpayers and businesses also need to complete several quarterly filings during May. Delays in these filings can become costly.
3. May 15: File Quarterly TCS Return
The deadline for filing the quarterly TCS return for the January-March quarter of FY 2025-26 is May 15.
This return is filed through Form 27EQ. If there is any delay, a penalty of ₹200 per day can be charged.
4. May 15: Submit Form 24G
Government offices that have paid TDS or TCS without using a challan must submit Form 24G by May 15.
This compliance requirement is mandatory for the April 2026 period.
5. May 30: Issue Quarterly TCS Certificate
The last date to issue Form 27D, which is the TCS certificate for the January-March 2026 quarter, is May 30.
Businesses collecting tax at source must provide this certificate to taxpayers before the deadline.
6. May 31: File Quarterly TDS Returns
One of the biggest tax deadlines of the month falls on May 31, 2026.
This is the final date to file quarterly TDS returns for Q4 using:
Form 24Q
Form 26Q
Form 27Q
Experts say taxpayers should not delay this filing, as late submission can result in heavy penalties and additional compliance issues.
