Taxpayers must be aware of a number of significant compliance dates throughout May 2026, with experts emphasizing that prompt action is necessary to prevent fines and other expenses as the new fiscal year begins to pick up steam.

On May 7, there is a key deadline for taxpayers to deposit tax collected at source and tax deducted at source for April.

When paying bills in the absence of a challan, government agencies must credit the tax to the Central Government on the same day.

The deadline for filing declarations under Section 394(2) of the Income-tax Act, 2025, which permits buyers to acquire products without paying tax for transactions completed in April, is also on this date.

The Income-tax Act of 1961 imposes a number of compliance obligations, with the next important date being May 15.

Taxpayers are required to produce TDS certificates for deductions made in March under particular rules, such as Section 194-IA for property transactions, Section 194-IB for large rent payments, and Section 194M for payments to contractors or professionals.

The deadline for submitting Form 24G also applies to government agencies that have deposited TDS or TCS without challans.

On May 15, the quarterly statement of TCS for the period ending March 31, 2026, is due, along with the monthly report that stock exchanges are required to submit on client code changes for April.

May 30 marks the end of the month and additional commitments for companies and certain organizations.

According to Section 394 of the Income-tax Act, 2025, businesses are required to release TCS certificates for the fourth quarter of the fiscal year 2025–26. Businesses involved in movie production or notified activities under Section 285B of the Income-tax Act, 1961 must provide their annual statements on the same day.

With numerous submissions due on May 31, it is one of the most crucial compliance deadlines. The tax withheld from contributions must be reported by trustees of licenced superannuation funds.

Under Section 285BA, financial institutions must electronically file their annual statement of reportable accounts for the calendar year 2025 in Form 61B, whereas designated entities must submit statements of financial transactions in Form 61A for the financial year 2025–26.

The deadline also applies to the submission of quarterly TDS returns for the quarter that ends on March 31.

Anyone whose income surpasses the fundamental exemption limit but who does not have a PAN must apply for one, as well as specific important authorities like trustees, directors, and partners.