May 7, 2026 marks the most important deadline for tax compliance, when taxpayers must deposit TDS/TCS deducted or collected in April 2026. Government offices face an additional requirement to deposit tax on the same day if payments were made without a challan. Additionally, May 15, 2026 sees the issuance of TDS certificates for March 2026 deductions under Sections 194-IA, 194-IB, and 194M, along with filing of Form 24G by government offices for TDS/TCS paid without challans for April 2026. The date also marks the deadline for submitting declarations under Section 394(2) of the Income-tax Act, 2025, which allows buyers to procure goods without the collection of tax for transactions carried out in April.
May 30, 2026 brings several key compliance activities including the issue of TCS certificates for Q4 of FY 2025-26 and filing of statement under Section 285B for FY 2025-26. The month concludes with May 31, 2026 deadlines that include the quarterly TDS statement for quarter ending March 31, 2026, return of TDS from approved superannuation fund contributions, and certificate of donation in Form 10BE for FY 2025-26. Financial institutions must also file annual reportable accounts (Form 61B) and submit application for PAN allotment across various categories. As per experts, May 31 stands out as one of the most significant compliance dates, with individuals whose income exceeds the basic exemption limit but who do not possess a PAN required to apply for one, along with certain key officials such as directors, partners, and trustees.
May 15, 2026 includes specific requirements for stock exchanges and recognized associations, including monthly statement by stock exchanges for client code modifications and statement by recognized associations for client code modifications for April 2026. The compliance schedule also includes quarterly TCS statement for quarter ending March 31, 2026 and challan-cum-statement of TDS under Section 393(1) for April 2026. Companies must issue TCS certificates for the fourth quarter of the financial year 2025-26 under Section 394 of the Income-tax Act, 2025, while entities engaged in film production or notified activities under Section 285B of the Income-tax Act, 1961 are required to submit their annual statements on the same day.
May 2026 includes critical GST filing deadlines alongside income tax compliance. May 10, 2026 requires GSTR-7 filing by Tax Deductor and GSTR-8 filing by e-commerce operators registered under GST liable to TCS. May 11, 2026 sees GSTR-5 & 5A filing by registered persons with aggregate turnover exceeding ₹5 crores during the preceding year. May 13, 2026 includes GSTR-6 filing by Input Service Distributors (ISD) and GSTR-11 filing by persons issued Unique Identity Number claiming refunds of taxes paid on inward supplies. May 20, 2026 requires GSTR-3B return filing for taxpayers with aggregate turnover exceeding ₹5 crores for April 2026, while May 25, 2026 mandates GSTR-1 filing by registered persons with aggregate turnover up to ₹5 crores who have opted for quarterly filing under QRMP. May 28, 2026 includes GSTR-5 & 5A filing by non-resident ODIAR services providers and GSTR-6 filing by Input Service Distributors.
The financial year 2026-27 introduces four advance tax due dates with the first deadline approaching on June 15, 2026. Taxpayers are required to pay at least 15% of their total estimated advance tax liability by this date, with remaining installments due 45% by September 15, 75% by December 15, and 100% by March 15. Advance tax applies to individuals whose remaining tax bill after subtracting any TDS exceeds ₹10,000, affecting salaried individuals, businessmen, and self-employed professionals. Missing advance tax deadlines incurs 1% monthly interest on the shortfall, calculated automatically when filing returns and cannot be waived by tax officers. The interest applies only to the period and amount of the shortfall, not the entire liability, with both Section 424 and Section 425 of the Income Tax Act 2025 governing penalty calculations.
