Tax Deduction at Source (TDS) is the tax collected from the actual source of income. As per this concept, the employer shall deduct tax at source from his employee’s salary and deposit the same to the central government’s account.
Likewise, a TDS return form aims to summarise all the TDS related transactions in a particular quarter. The employer needs to submit it to the Income Tax department if he has deducted any TDS.
Based on the nature of your TDS deduction, you will mainly find 4 types of TDS return forms that needs to be filed quarterly:
Form 24Q
Form 26Q
Form 27Q
Form 27EQ
Besides these there are annual returns:
|
Form 24 |
Annual return of “Salaries” under Section 206 of Income Tax Act, 1961 |
|
Form 26 |
Annual return of deduction of tax under section 206 of Income Tax Act, 1961 in respect of all payments other than “Salaries” |
|
Form 27E |
Annual return of collection of tax under section 206C of Income Tax Act, 1961 |
TDS Return Form 24Q is the quarterly statement for TDS deductions from salaries u/s192. If the employer has not deduced or deducted tax at a lower rate, he needs to mention the reasons in the form.
Form 24Q consists of two Annexures.
You need to submit Annexure I for all quarters of a financial year. Conversely, in the case of Annexure-II, you need to submit it only in the last quarter (Jan - Mar).
|
Section |
Nature of Payment |
|
Section 192A |
Remuneration is given to the Government employees apart from the employees of the Union Government. |
|
Section 192B |
Remuneration is given to the non-government employees |
|
Section 192C |
Remuneration is given to the employees of the Union government |
To file TDS Return Form 24Q, you need the list of credentials stated below.
Employee details -
Employee Reference Number
Employee’s PAN
Name of the Employee
TDS Section Code
Other income details
Amount Paid or Credited
TDS Amount
Cess Amount
|
Quarter |
Due Date of Return Filing |
|
April to June |
31st July |
|
July to September |
31st October |
|
October to December |
31st January |
|
January to March |
31st May |
TDS Return Form 26Q is the quarterly statement for TDS deductions from all other kinds of payments except salaries u/s200(3), 193, and 194 of the IT Act,1961.
Form 26Q consists of only one Annexure and must be submitted for all quarters for the financial year.
Here, the deductor needs to mention why he/she is not deducting TDS or deducting it at a lower case, whatever is applicable.
If the TDS is deducted by a non-governmental deductor, PAN of the deductor is compulsory. In case of a government deductor, ‘PAN not required’ has to be mentioned.
|
Section |
Nature of Payment |
|
193 |
Interest on securities |
|
194 |
Dividend |
|
194A |
Interest other than interest on securities |
|
194B |
Winnings 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 |
Commissions, prizes etc., on sale of lottery tickets |
|
194H |
Commission or brokerage |
|
194I(a) |
Rent |
|
194I(b) |
Rent |
|
194J |
Fees for professional or technical service |
|
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 agriculture 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 securitisation 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 over ₹ 1 crore |
|
194M |
TDS on payment to resident contractors and professionals |
|
194O |
TDS on E-Commerce Transactions under Section 194O with effect from 1st April 2020 |
To file TDS Return Form 26Q, you need the following list of credentials.
|
Quarter |
Due Date of Return Filing |
|
Quarter 1 |
31st July |
|
Quarter 2 |
31st October |
|
Quarter 3 |
31st January |
|
Quarter 4 |
31st May |
TDS Return Form 27Q is the quarterly statement of e-TDS from interest, dividend or other sums other than salary payable to NRIs and foreigners u/s 200(3) of the IT Act, 1961.
Form 27Q consists of five Annexures. Annexure I contains the details of the deductor category, while Annexure-II contains the section codes. Likewise, Annexure III states the reason behind lower, higher or no deduction. Finally, Annexure IV states the nature of remittance, and Annexure V states the country of residence.
Form 27Q needs to be submitted for every quarter of that financial year.
|
Section |
Nature of Payment |
|
194E |
Payment made to sports association or NRI sportsman |
|
194LB |
Payment made as to interest on infrastructure debt fund |
|
194LC |
Payment made as to interest by an Indian company or trust for the money borrowed in foreign currency as a loan or long term bonds. |
|
195 |
Payment made to a Non-resident Indian citizen |
|
196B |
Payment made to an offshore fund |
|
196C |
Payment made to a non-resident Indian citizen in the form of Indian’s company shares or foreign currency bonds |
|
196D |
Payment made to foreign investors in the form of securities. |
|
194LD |
TDS on income by way of interest on certain bonds and Government Securities (Applicable from FY 2013-14 onwards) |
|
194LBA |
Certain Income from units of business trust (Applicable from FY 2014-15 Q3 onwards) |
|
194LBB |
Income in respect of units of the investment fund (Applicable from FY 2015-16 onwards) |
|
192A |
Payment of accumulated balance due to an employee made by the trustees of the Recognised Provident Fund (RPF). Applicable for statements of FY 2015-16 onwards & where the payment date is on or after 01/06/2015. |
|
194LBC |
Income in respect of investment in securitisation trust. Applicable for statements of FY 2016-17 onwards & where the payment date is on or after 01/06/2016. |
To file TDS Return Form 27Q, you need the list of credentials stated below.
|
Quarter |
Due Date of Return Filing |
|
Quarter 1 |
31st July |
|
Quarter 2 |
31st October |
|
Quarter 3 |
31st January |
|
Quarter 4 |
31st May |
TDS Return Form 27EQ is the quarterly statement of collection of tax at source (TCS) u/s 206C. TAN is mandatory for filing Form 27EQ.
Government, corporates, and tax collectors must submit Form 27EQ for every quarter of that financial year. Form 27EQ consists of three Annexures where Annexure I states the deductor category. Whereas Annexure-II contains details of the collection code, Annexure III contains remarks for lower or no collection. In the case of a non-governmental deductor, quoting PAN is mandatory.
|
Section |
Nature of Payment |
|
206CA |
Alcoholic liquor for human consumption |
|
206CB |
Timber obtained under a forest lease |
|
206CC |
Timber obtained under any mode except forest lease |
|
206CD |
Any other forest product except timber or tendu leaves |
|
206CE |
Scrap |
|
206CF |
Parking lot |
|
206CG |
Toll plaza |
|
206CH |
Quarrying and mining |
|
206CI |
Tendu leaves |
|
206CJ |
TCS from the sale of certain minerals |
|
206CK |
TCS on cash case of jewellery |
|
206CL |
Motor vehicle sales |
|
206CM |
Sale in cash of any goods |
|
206CN |
Providing of any services |
|
206C1G(a) |
Remittance out of India under the LRS of RBI (Budget 2020 has proposed to insert this sec.) |
|
206C1G(b) |
Overseas tour program package(Budget 2020 has proposed to insert this sec.) |
|
206C1H |
Sale of any goods (except goods on which TCS is applicable specifically)(Budget 2020 has proposed to insert this sec.) |
To file TDS Return Form 27EQ, you will need the following details.
|
Quarter |
Due Date of Return Filing |
|
April to June |
31st July |
|
July to September |
31st October |
|
October to December |
31st January |
|
January to March |
31st May |
You can download all the forms in these simple steps.
To file your TDS return online, you need to follow these steps strictly.
You can also check the status of your filed TDS returns here with your TAN and Provisional Receipt Number (PRN).
Now that you know the necessary details on TDS return forms, utilise this knowledge to handle your tax returns efficiently.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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