As the financial year progresses, May 2026 presents critical tax deadlines that taxpayers in India must adhere to. The first major deadline is on May 7, when taxpayers must deposit tax deducted at source (TDS) and tax collected at source (TCS) for April. Government offices must also credit these taxes to the Central Government on the same day. Additionally, buyers need to submit declarations under Section 394(2) of the Income-tax Act, 2025, allowing tax-free purchases for transactions made in April. Another important date is May 15, when taxpayers must issue TDS certificates for deductions made in March for various transactions, including property deals and contractor payments. On this day, government offices must also submit Form 24G if they deposited TDS or TCS without challans. Finally, May 31 marks a significant compliance deadline, requiring trustees of approved superannuation funds to file returns for tax deducted from contributions, financial institutions to e-file annual statements for reportable accounts, and specified entities to submit statements of financial transactions. This date also includes the filing of quarterly TDS returns for the quarter ending March 31. Timely compliance is vital to avoid penalties and extra charges.