The month of May has started, and this time is very important for taxpayers, employers, and financial institutions. The last date for many important income tax-related tasks is approaching. If these tasks are not dealt with on time, you may face difficulties. Here are some such important tasks and their last dates, which you should not forget at all in May.
Last date to deposit TDS / TCS and upload Form 27C
The last date to deposit TDS (tax deduction at source) or TCS (tax collection at source) for April 2025 is May 7. Employers and other tax deductors have to ensure that this amount is deposited in the government account before the deadline. After the deadline, 1.5% interest will have to be paid per month. Apart from this, today is also the last chance for sellers to upload Form 27C declarations. This work is mandatory for sellers.
Complete these 3 important tasks at all costs
The last date for issuing a TDS certificate for deductions made in March under sections 194-IA, 195M, and 194S is May 15.
The last date for submission of Form 24G for government offices is also May 15.
Stock exchanges or recognized associations will have to submit the report of April transactions with revised client code through Form 3BB, the last date for which is also May 15.
The quarterly statement of TCS for the January to March quarter will have to be submitted to the collector, the last date for which is May 15.
These tasks are also mainly important by the end of May month
The last date for the filing challan cum statement for the previous month April TDS under sections 194-IA, 194B, 195M, and the 194S is May 30, 2025. The last date for the the filing of statement under section 285B forthe FY 2025 is May 30. It is also mandatory to issue a TCS certificate for the fourth quarter of FY 2025 by the same date.
The last date for filing quarterly TCS statements for the January to March quarter for employers and other tax diductors is May 31.
Trustees of a superannuation funds can also file returns of tax deducted on the employees’ contributions by May 31.
The last date for filing Form 61A and Form 61B for financial institutions is also May 31, 2025.