As the financial year progresses, May 2026 brings several important tax deadlines that taxpayers should be aware of to avoid penalties. The first key date is May 7, when taxpayers must deposit tax deducted at source (TDS) and tax collected at source (TCS) for April 2026. Additionally, individuals must submit declarations under Section 394(2) of the Income-tax Act, 2025, on the same day. May 15 marks the due date for issuing TDS certificates for taxes deducted in March 2026, covering various categories such as property purchases and rental payments. Furthermore, businesses are required to submit Form 24G if they deposited TDS or TCS without challans last month. On May 30, businesses must issue TCS certificates for the fourth quarter of the financial year 2025-26, along with annual statements for specific activities under Section 285B of the Income-tax Act, 1961. Finally, May 31 is a critical compliance date, with multiple filings due, including returns for superannuation funds and quarterly TDS returns. Taxpayers are advised to plan effectively to maximize savings and ensure compliance.