May 2026 Income Tax Calendar: May 2026 has many important tax deadlines for people and offices dealing with TDS and TCS. The biggest dates are 7 May, 15 May, and 30 May. These include tax payments, certificates, statements and other filings under the Income-tax Act, 2025. Missing the deadlines may lead to penalties and the Income Tax Department has also said the new Act and updated section numbers will apply for transactions from 1 April 2026 onward.
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Important dates in May 2026
The first big deadline is 7 May 2026. That is the last day to deposit tax that was deducted or collected in April 2026. The same date also applies to a buyer’s declaration under Section 394(2) of the Income-tax Act, 2025, for getting goods without tax collection during the April period. On 15 May 2026, taxpayers and government bodies have several jobs to finish.
That includes TDS certificates for deductions made in March 2026 under Sections 194-IA, 194-IB, and 194M of the old Act, plus Form 24G for April TDS/TCS paid without a challan. Stock exchanges and recognised associations also have monthly statements due that day, along with the quarterly TCS statement for the quarter ending 31 March 2026.
The last major date in the month is 30 May 2026. By then, TCS certificates for the fourth quarter of FY 2025-26 must be issued. Information under Section 285B of the Income-tax Act, 1961 for FY 2025-26 also has to be filed by that date.
The ET calendar also says 30 May is the deadline for the challan-cum-statement of tax deduction under Section 393(1) of the Income-tax Act, 2025. The Income Tax Department’s Form 141 help page says Form 141 is the challan-cum-statement for tax deducted under Section 393(1), and that it must be paid and filed within the set time after deduction.
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Direct Tax Collections moved up
The tax news for FY26 was a little stronger on the revenue side. India’s net direct tax collections rose 5.12% to more than ₹23.40 lakh crore in FY26, but the total still fell short of the revised target for the year.
The revised estimate was ₹24.21 lakh crore. Inside that figure, corporate tax mop-up came to ₹10.99 lakh crore, while personal income tax including STT was about ₹12.41 trillion. Refunds also fell 1.09% year-on-year to ₹4.71 trillion. Gross direct tax collection for the year stood at about ₹28.12 lakh crore, up 4.03% from FY25.
