Guide To Filing Taxes In May 2025: Follow The Deadline, Dues, Penalties & More
Updated: 02-05-2025 at 3:31 PM
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With the beginning of the year 2025 and the month of May, individuals, business entities, and government offices are all planning to clear up their tax dues within the specified timelines and deadlines to avoid penalties. Pending taxes comprise tax deduction and collection, certificate issuance, and submission of financial statements.
Read the article to learn more about the key deadlines for filing various types of taxes and avoid paying any additional penalties.
Key Deadlines & Taxes
The month of May 2025 is extremely significant in terms of clearing taxes. We have curated a comprehensive list for you with specified deadlines that one can follow to avoid unnecessary legal penalties.
1. May 7th, 2025
By May 7th, people are instructed to deposit Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) by uploading Form 27c declarations. If anyone fails to pay the taxes within the deadlines, interest of 1.5% will be charged per month.
2. May 15th, 2025
People are required to issue Tax Deducted at Source (TDS) Certificates for the deductions of March as per Sections 194-IA (property), 194M (contractors), and 194s (specified persons). Government offices are required to file Form 24G to pay April’s TDS/TCS without a challan, and stock exchanges and recognised associations are to fill Form 3bb.
3. May 30th, 2025
By May 30th, people are supposed to file their respective Challan-cum-statement for April TDS following Sections 194-IA, 194-IB, 194M, and 194S.
4. May 31st, 2025
Please fill out the quarterly TDS statement for January to March with the help of Forms 61A (Securities Financing Transactions Regulation) and Form 61B (Civil Registration System).
Please adhere to the given deadlines as instructed by the authorities, not only to avoid paying any legal penalties but to help the nation in keeping things accountable and organised. Also, ensure that you’re carrying all the required documents needed while clearing the tax dues.
What Are The Consequences Of Missing Tax Deadlines?
If anyone misses the deadlines given by the authorities, they’ll be subjected to face a range of legal consequences. Some of them are laid down below for one’s better understanding:
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Interest rates ranging from 1 to 5% will be imposed as penalties.
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In the case of business entities, late payment of taxes might negatively affect the credibility of their businesses.
Conclusion
Authorities have released the deadlines for May 2025 for clearing up various kinds of taxes. People and business entities are instructed and requested to abide by the deadlines, clear all their pending tax dues, and avoid any additional liabilities in the form of penalties.
Stay updated with Jaagruk Bharat to get the latest information on government schemes and more, and reach out to us via our community page if you have any questions or want to share your thoughts.
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