10 deadlines. 3 critical dates. Zero confusion. Here's exactly what's due in May 2026, what it means, and how to stay ahead of it.

If you followed our April 2026 Compliance Calendar → — welcome back! May is even busier, so let's get straight into it

May is one of the most important compliance months of the year for Indian businesses. Why? Because May sits right after the financial year closes — meaning it's packed with annual filings, certificate issuances, and year-end disclosures all hitting you at once.

Miss one, and you're looking at interest, penalties, or worse — an income tax notice.

Here's a date-by-date breakdown of everything due in May 2026, explained in plain language.

May 7 — The First Deadline Hits Fast

1. Deposit TDS/TCS for April 2026

What it is: Any TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) that your business deducted or collected during April 2026 must be deposited with the government by May 7.

Who it applies to: Any business that paid salaries, vendor fees, rent, professional charges, or collected TCS on sales in April.

What to do:

• Run your April payroll and vendor payment report

• Calculate total TDS deducted across all payment heads

• Generate Challan 281 and deposit via the income tax portal before May 7

• hisabkitab's TDS reports can pull this data automatically from your April transactions

Penalty for missing it: Interest at 1.5% per month on unpaid TDS + penalty under Section 271C. Not worth it.

Smart tip: Set a reminder for May 5 — gives you 2 buffer days to handle any bank transfer issues.

2. Buyer Declaration for Tax-Free Goods Procurement

What it is: Under new tax provisions, if your business is buying goods that qualify for tax exemption, you must submit a formal declaration to your seller confirming the exemption basis — by May 7.

Who it applies to: Buyers procuring goods that are exempt from TCS under the latest amendments.

What to do:

• Check with your CA if your April purchases fall under any exemption category

• Issue the written declaration to the vendor before May 7

• Without this declaration, the seller is required to deduct TCS even on exempt goods — which means unnecessary cash outflow for you

• 
  

May 15 — Four Filings on One Day

3. TDS Certificate Issuance for Specified Transactions

What it is: If you deducted TDS on rent, professional fees, or other specified payments — you must now issue the TDS certificate (Form 16A) to the person from whom you deducted it.

Who it applies to: Any business that deducted TDS on non-salary payments in the applicable period.

If you're the deductee (vendor/freelancer): Chase your client for this certificate — you need it to claim TDS credit when you file your ITR. Don't assume they'll send it automatically.

If you're the deductor: Download from TRACES portal and share it digitally with proof of delivery.

4. Stock Exchange & Recognized Association Reporting for April

What it is: Stock exchanges and recognized commodity/derivative associations must report all April transactions to the income tax department.

Why businesses should care: If your business trades in equities, F&O, or commodities, this data cross-checks against your ITR. Discrepancies can trigger a notice.

What to do: Reconcile your broker statements for April before May 10. Ensure your April trades are correctly captured in your books.

5. TCS Quarterly Statements — Q4 FY 2025–26 (Form 27EQ)

What it is: Sellers who collected TCS in the January–March 2026 quarter must file their quarterly TCS return — Form 27EQ — by May 15.

Who it applies to: Businesses that sell scrap, alcohol, forest produce, minerals, or high-value goods where TCS is mandatory.

What to do:

• Compile Q4 TCS collections — buyer PAN, amount, date

• File Form 27EQ via TIN NSDL or income tax portal

• hisabkitab's TCS report section can export Q4 data ready for filing

Don't confuse this with May 30: The quarterly statement is due May 15. The TCS certificate to be issued to buyers is due May 30. Two different tasks.

6. Client Code Modification Reporting

What it is: Stock brokers who modified client codes in April must report these to the stock exchange.

Who it applies to: Primarily stock brokers. If you're a business investor whose broker modified your client code, verify they've reported it correctly.

May 30 — Year-End Disclosure Duo

7. TCS Certificates for Q4 FY 2025–26 (Form 27D)

What it is: Every seller who collected TCS in Q4 (January–March 2026) must now issue Form 27D — the TCS certificate — to each buyer.

If you're the buyer: This certificate lets you claim TCS credit in your ITR, reducing your tax liability. Actively chase your vendor for it. Ask before May 25 so they have time.

If you're the seller: Download from TRACES and send digitally. Keep proof of delivery on file.

8. Reporting Under Section 285B

What it is: Producers of cinematograph films must disclose payments made to artists and production-related parties for FY 2025–26.

Who it applies to: Film producers and media production houses.

What to do: File with your CA. Ensure all payments to artists, directors, and technical crew are documented and match your books.

May 31 — The Big Annual Filing Day

Five deadlines land on the same day. Start preparing in the first week of May itself.

9. Annual Financial Transaction Reporting — Form 61A (SFT)

What it is: Banks, mutual funds, registrars, and companies that received or processed high-value transactions in FY 2025–26 must file a Statement of Financial Transactions (SFT) — Form 61A.

High-value thresholds include:

• Cash deposits above ₹10 lakh in savings accounts

• Credit card payments above ₹1 lakh/month

• Property purchases above ₹30 lakh

• Mutual fund investments above ₹10 lakh

Why every business should care: The income tax department uses this data to cross-check ITRs. If you had high-value transactions and they don't match your return — expect a notice.

What to do: Log into your AIS (Annual Information Statement) on the income tax portal in May itself. Review what's been reported about your business. Reconcile with your books before filing ITR. hisabkitab's transaction reports make this reconciliation much faster.

10. PAN Allotment Applications

What it is: Businesses must ensure PAN is obtained for all parties where it's mandatory — new employees, directors, vendors — and applications must be filed by May 31.

Why it matters: Without valid PAN, TDS is deducted at a flat 20% instead of the normal rate — which creates disputes and excess deductions.

What to do: Run a PAN validation audit on all vendors and new hires in your records. If any are missing, nudge them this week.

11. Form 61B — Financial Institution Reporting (FATCA/CRS)

What it is: Regulated financial institutions must report details of accounts held by foreign tax residents — part of India's international tax information exchange commitment.

Why businesses should care: If your business has NRI partners, foreign investors, or foreign-currency accounts — your bank may be reporting account details internationally. Ensure your KYC and tax residency declarations with your bank are accurate.

12. Donation Reporting — Form 10BD

What it is: NGOs and charitable institutions registered under Section 80G must file Form 10BD — a donor-wise report of all donations received in FY 2025–26. After filing, they must issue Form 10BE certificates to each donor.

If your business donated to an 80G charity: Chase the institution for your Form 10BE certificate before June — you'll need it to claim the Section 80G deduction in your ITR.

If you run an NGO: File Form 10BD on the income tax portal with complete donor details. Non-filing can result in penalty under Section 234G (₹200/day).

13. Employee Superannuation Fund Return Filings

What it is: Employers who maintain a recognised superannuation fund for employees must file the annual return of contributions and payments for FY 2025–26 by May 31.

Why it matters: Non-filing risks the fund losing its "recognised" status — which means employee contributions are no longer tax-exempt. That's a problem for your HR too.

What to do: Coordinate with your fund administrator and CA. Pull all FY 2025–26 contribution data from payroll records and file before the deadline.

Your May 2026 Compliance Checklist

By May 1:

• Pull April TDS/TCS data from your books

• Validate PAN for all vendors and new employees

• Review your AIS on the income tax portal

By May 5:

• Deposit April TDS/TCS (don't wait till May 7)

• Issue buyer declarations for tax-exempt purchases

By May 12:

• Reconcile April broker/trading statements

• Prepare Q4 TCS return data (Form 27EQ)

By May 15:

• Issue TDS certificates to vendors/deductees

• File Form 27EQ (Q4 TCS quarterly statement)

By May 25:

• Chase vendors for Form 27D (TCS certificates)

• Complete Form 10BD data collection (if NGO)

• Coordinate superannuation fund filings with CA

By May 31:

• File Form 61A (SFT)

• File Form 61B (if applicable)

• File Form 10BD + issue Form 10BE certificates

• File superannuation fund returns

• Submit any pending PAN applications
  
  

How hisabkitab Helps You Stay Compliant in May

Staying on top of 10+ deadlines is stressful — especially when your books aren't in order. hisabkitab makes May manageable:

• TDS/TCS reports: Pull April deduction data in one click — no manual tally

• Vendor PAN validation: Instantly spot vendors with missing PANs before it costs you 20% TDS

• Transaction history: Generate party-wise and month-wise summaries for AIS reconciliation

• CA-ready exports: Share clean reports with your CA so filings happen faster

Start free at hisabkitab.co

Missed April's deadlines? Check if anything is still recoverable — April 2026 Compliance Calendar →