TDS Return Forms - Form 24Q, 26Q, 27Q, 26QB, 26QC, 27EQ & Find TDS Due Date

What is a TDS Return?

Every person making specified payments mentioned under the Income Tax Act is required to deduct TDS at the time of making such specified payments.

TDS returns are quarterly statements that contain the information pertaining to TDS deducted and deposited. It is submitted by the person deducting TDS, i.e., TDS deductor, to the income tax department.

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What are the different TDS Return Forms?

Different forms have been prescribed for filing TDS returns depending upon the nature of the TDS deduction, such as

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What is FORM 24Q?

Form 24Q is a statement for deduction of tax at source under Section 200(3) of the Income Tax Act. It is a quarterly statement that is filed by the deductor, i.e., an employer, who deducts tax at source while making payments to employees. This form is specifically used for the deduction of tax on salary income.

The form requires details such as the PAN (Permanent Account Number) of the deductor and the deductee, salary details, tax deducted at source (TDS) details, and other relevant information. The deductor is required to submit Form 24Q to the Income Tax Department.

There are different variants of Form 24Q, such as Form 24Q-Q1, Form 24Q-Q2, Form 24Q-Q3, and Form 24Q-Q4, which correspond to the different quarters of the financial year. Each form is filed for the respective quarter in which TDS on salary has been deducted. It is essential for employers to comply with the filing of Form 24Q to ensure accurate reporting of TDS on salary payments.

Basically, FORM 24Q helps the government track tax collection and ensures employees get credit for the tax deducted from their salaries.

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What is FORM 26Q?

Form 26Q is a quarterly statement of deduction of tax u/s 200(3), 193, and 194 of the Income-tax Act in respect of payments other than salary for the quarter ended. Form 26Q allows the government to track TDS deducted on various transactions and ensures the recipient of the payment gets credit for the tax withheld.

1. Challan details, details of the deductor, and deductee are to be mentioned. Along with this, if the deductor has either not deducted or deducted at a lower rate, reasons are also to be mentioned in the form.
2. The sections covered in this form are -

   Section	Nature of payment
   193	Interest on securities
   194	Dividend
   194A	Interest other than interest on securities
   194B	Winning from lotteries and crossword puzzles
   194BB	Winnings from horse race
   194C	Payment of contractor and subcontractor
   194D	Insurance commission
   194EE	Payment in respect of deposit under (NSS) national saving scheme
   194F	Payments on account of repurchase of units by mutual funds or UTI
   194G	Commission, prizes, etc., on sale of lottery tickets
   194H	Commission or brokerage
   194I(a)	Rent
   194I(b)	Rent
   194J	Fees for professional or technical services
   194LA	Payment of the Compensation on acquisition of certain immovable property.
   194LBA	Certain income from compensation on acquisition of certain immovable property
   194DA	Payment in respect of life insurance policy
   194LBB	Income in respect of units of investment fund
   194IA	Payment on transfer of certain immovable property, excluding agricultural land
   194LC	TDS on income by way of interest from an Indian Company or a business trust
   194LD	TDS on income by way of interest on certain bonds and Government Securities
   194LBC	Income in respect of investment in securitization trust
   192A	Payment of accumulated balance due to an employee from the trustees of the Employees’ Provident Fund Scheme, 1952
   194N	TDS on cash withdrawal in excess of Rs 1 crore
   194M	TDS on payment to resident contractors and professionals
   194O	TDS on E-Commerce Transactions under Section 194O with effect from 01st April 2020

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What is FORM 27Q?

Form 27Q is a quarterly statement of deduction of tax u/s 200(3) of the income tax act in respect of payments other than salary made to non-residents and foreigners for the quarter ended.

The income sources on which TDS is deducted include interest income, bonus, and other sums owed to an NRI. Form 27Q helps the Indian government track tax collected on income earned by NRIs and foreign entities in India. It also ensures these individuals or entities get credit for the tax withheld at source.

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What is FORM 26QB?

As per Section 194-IA of the income tax act, TDS applies to the sale of immovable property wherein the sales consideration of immovable property is more than Rs 50 lacs.

• Tax @1% shall be deducted by the buyer while making the payment to the Seller of the property and as per the provisions. It is not applicable to transactions involving agricultural land.
• TDS has to be submitted along with duly filled Form - 26QB ( which is a challan cum statement of deduction of tax as per Section 194 IA) within 30 days from the end of the month in which TDS was deducted.
• The person deducting TDS shall furnish Form 16B to the payee within 15 days from the due date of furnishing challan cum statement in Form 26QB.

In simpler terms, when you buy a property exceeding a certain value in India, you (the buyer) are responsible for deducting a specific percentage of tax from the seller's payment. Form 26QB helps you report this tax deduction and deposit it with the government.

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What is FORM 26QC?

As per Section 194IB, individuals and HUFs who pay rent exceeding Rs 50,000 will have to deduct TDS @5% of the total rent.

• The TDS has to be deducted once in the financial year as per the provisions of the law. TDS deducted is required to be paid within 30 days from the end of the month in which TDS is deducted. It is accompanied by the challan cum statement in Form 26QC.
• According to the rule, the Taxpayer/Tenant should furnish challan-cum-statement in Form 26QC in the following scenarios:-
  1. At the end of the FY or in the month when the premise is vacated / termination of the agreement.
  2. In the month when the premise is vacated/ termination of the agreement ( in case the agreement period falls in the same FY)

Form 26QC helps tenants comply with tax regulations when their monthly rent payments exceed the threshold. It ensures the landlord's tax liability is addressed and the deducted TDS reaches the government.

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What is FORM 27EQ?

When the seller collects tax from the buyer and pays it to the government, If the seller collects any such TCS, he/she is required to file Form 27EQ on a quarterly basis under section 206C of the Income Tax Act.

All the Corporations, the Government, and all Tax collectors are required to submit Form 27EQ.

TCS is collected on the following -

• Alcoholic Liquor for consumption by humans
• Tendu leaves
• Timber from a forest lease
• Timber is obtained by other modes except for forest lease.
• Other forest produce except for timber and tendu leaves
• Scrap material
• Minerals like coal, lignite, or iron ore
• Sale of goods; if the consideration is more than INR 50,00,000
• Sale of Cars (New and Old) when the value of sale is more than INR 10,00,000.

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How can I download TDS return forms?

TDS return forms can be downloaded from the tin-nsdl official website. To download forms, follow the below process:

• Step 1: Click on the above-mentioned link
• Step 2: From the top banner, navigate to “Downloads”
• Step 3: Select “e-TDS/e-TCS”
• Step 4: Go to Quarterly Returns and
• Step 5: Choose “Regular”
• Step 6: A list of all forms will be displayed. Click to download the pdf file of the form you need.

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What are the ways in which TDS Returns can be filed?

While both online and offline filing are options, the Income Tax Department generally encourages electronic filing due to its efficiency and ease of use.

Here are the steps for filing TDS Return Online -

1. Login to the Income Tax India website.
2. Enter your login credentials and click on ‘login.’ Your user ID will be your TAN.
3. After being logged in, click the ‘Upload TDS’ under the TDS tab.
4. Then ‘Enter statement details’ and then click ‘validate.’
5. Then, upload the TDS zip file and attach the signature file generated using the DSC management utility to upload the TDS zip file. Next, click on the upload button.
6. When the TDS is uploaded, the screen will display a successful message. Also, a confirmation mail will be sent to your registered email id.
7. The next step will have to validate, i.e., e- verify TDS return using EVC, Aadhaar OTP, i.e., electronic verification code.
8. Next, to select the relevant option, enter the EVC and then click on submit.

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What are the due dates for filing TDS return form?

The TDS due dates for TDS returns vary depending on the quarter. Below are the TDS due dates in a financial year

Due date of filing 24Q, 26Q, 27Q-

Due date of filing of Form 26QB-

The purchaser of the property, i.e., the deductor, has to file Form 26QB online. It is a Challan cum declaration statement that needs to be filed within 30 days from the end of the month in which payment or deduction was made. With respect to such deduction, no separate TDS return is to be filed.

Due date of filing of Form 26QC-

You have to pay tax online via Form 26QC, which is a challan-cum-payment form within 30 days from the end of the financial year or the day on which the property is vacated For instance, if tax is deducted in March, the last day to deposit the tax and file 26QC will be 30 April 2020.

Due date of furnishing of Form 27EQ-

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Advantages of filing the TDS return on time:-

Filing the TDS (Tax Deducted at Source) return on time offers several advantages:

• Avoidance of Penalties: Timely filing helps you steer clear of penalties and late fees imposed by the tax authorities. Late filing can attract penalties under Section 234E of the Income Tax Act, which can be quite substantial.
• Interest Avoidance: Late filing can also attract interest on the amount of tax deducted. Filing on time helps avoid these interest charges.
• Compliance and Good Standing: Timely filing ensures compliance with tax regulations, reflecting positively on your financial reputation. It showcases your adherence to tax laws and regulations, enhancing your credibility.
• Smooth Business Operations: Prompt filing ensures continuity in business operations. Delayed filings might cause disruptions in tax compliance, affecting financial planning and business dealings.
• Refunds and Crediting to Employees: Timely filing facilitates faster processing of TDS returns. This, in turn, expedites the issuance of TDS certificates to employees and enables quicker refunds, if applicable.
• Reduces Hassle and Saves Time: Late filing leads to unnecessary stress and requires additional time to rectify the situation. Filing on time ensures a smooth process and saves you valuable time and effort.
• Avoiding Revisions and Amendments: Filing on time reduces the need for revisions or amendments in the return, saving time and effort in correcting errors or discrepancies.
• Enhanced Control and Planning: Timely filing provides you with accurate financial data on deductions, allowing for better financial planning and control over cash flows.

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What are the consequences of filing late TDS return?

If the assessee fails to file the TDS return on the due date of furnishing the return, then the assessee is liable to pay the penalty of Rs 200 per day till the time default continues. Also, the total penalty shall not exceed the TDS amount.

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What is the TDS certificate & due date for issuing TDS certificate?

A TDS certificate is required to be issued by the person deducting TDS to the assessee from whose TDS was deducted.

Different TDS certificates and their due dates-

Hope this guide helped you get a broad insight into TDS returns, TDS forms, their deadlines, and filing procedures. If you still feel confused and find it intimidating to file your TDS returns, the best idea is to get professional help. If you want to file your TDS return, Tax2win’s eCA service can be your best bet. Our eCAs are highly experienced, qualified, and committed to making sure you find taxes as easy as a breeze. Hire an eCA now and simplify your taxes!

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