Tax Deadlines: Taxpayers, Beware! Do Not Miss These 10 Important Deadlines in May, or Face Heavy Penalties

Tax Latest News: Missing the 10 deadlines listed below could result in a late fee of ₹200 per day under Section 234E, as well as a penalty ranging from ₹10,000 to ₹1 lakh under Section 271H.

Taxpayers Beware: It is common knowledge that the month of May is of paramount importance for taxpayers in terms of compliance. However, if an individual fails to fulfill their responsibilities within the stipulated time, they may face not only heavy penalties but also be liable to pay interest. So, let us explore in this report the 10 crucial points that you absolutely must not miss.

1. May 7: Payment of TDS and TCS

The deadline for depositing TDS (Tax Deducted at Source) and TCS (Tax Collected at Source)—deducted and collected during April 2026, respectively—into the government treasury has been set for May 7. This means it is mandatory for you to make the TDS and TCS payments before May 7.

2. TDS Certificates for the Month of March (Form 16B/16C/16D/16E)

Meanwhile, the final date for issuing TDS certificates for taxes deducted in March 2026—under Sections 194-IA, 194-IB, 194M, and 194S—has been fixed as May 15.

3. May 15: Quarterly TCS Return (Form 27EQ)

Furthermore, the deadline for filing the TCS return for the fourth quarter (January–March) of the financial year 2025–26 has been set for May 15. In this instance, any delay may attract a penalty of ₹200 per day. 4. May 15: Form 24G for Government Offices

However, even if the TDS/TCS payment for April 2026 has been made without a challan, it remains mandatory for government offices to submit Form 24G.

5. May 30: Quarterly TCS Certificate (Form 27D)

Furthermore, May 30 is the deadline for issuing the certificate of tax collected (Form 27D) for the quarter spanning January to March 2026. Consequently, you must issue this tax certificate on or before May 30.

6. May 31: Quarterly TDS Return (Form 24Q/26Q/27Q)

Additionally, May 31 marks the final date for filing the TDS return for the fourth quarter (Q4). In fact, this is considered one of the most critical deadlines, as any delay in compliance may attract heavy late fees.

7. May 31: Filing of SFT (Form 61A)

Moreover, May 31 is the deadline for banks and financial institutions to report details regarding significant financial transactions (Statement of Financial Transactions) conducted during the financial year 2025-26.

8. May 31: Donation Statement (Form 10BD/10BE)

However, religious or charitable institutions (Trusts) are required to submit details of donations received in Form 10BD; furthermore, issuing a certificate (Form 10BE) to the donors is strictly mandatory.

9. May 31: Application for PAN

Additionally, May 31 has been designated as the final date for individuals undertaking certain specific financial transactions to apply for a PAN card.

10. May 31: Form 9A and Form 10

And finally, it is mandatory for trusts and institutions to file either Form 9A or Form 10 if they intend to accumulate their income for future use.