 0141-4072000 (90 line)  info@saginfotech.

com
GST Income Tax TDS MCA LCNC Payroll

    

All About TDS Return Forms 24Q 26Q 27Q 27EQ with Due Dates
 June 29, 2023  Atul Mittal Tax Deducted at Source (TDS) News, Taxes in India 14 Minutes Read

Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before
actually crediting the income into the account of an individual or entity, as per the Taxation Code of India.

As the name suggests, Tax deducted at source, it is the tax which is deducted or subtracted from the income at the source from where income was
generated. The tax so collected at source is directly contributed to the government’s revenue on behalf of the taxpayer or income generator. So, the
TDS on the earnings of individuals and businesses become one of the sources of government revenue and this is the reason why the provisions of
TDS plays an important role for government.

The Income Tax Act, 1961 by the Central Board of Direct Taxes (CBDT) controls and governs the rules and regulations of TDS. Tax Deducted at
Source applies to both kinds of income – Regular income as well as Occasional or Irregular income. So, we can say that TDS is deducted from various
incomes such as Salary, Commission, Rent, Professional Fees and Interest. However, TDS is not confined to just these incomes.

The responsibility of deducting the TDS lays on the shoulders of the TDS deductor that is the employer or the payee. The payee or the employer
owns an obligation to deduct the tax before paying the salary or income to the receiver or employer. Here is a brief list of individuals who are TDS
Deductors (who are liable to deduct TDS) under the Taxation Rules.

Latest Update

29th June 2023

 Form No. 26Q, 27Q, and 27EQ TDS/TCS statements for the first quarter of FY 2023–24 must now be submitted by September 30th, 2023. Read
Circular

27th October 2022

 The deadline for submitting the TDS Statement in Form 26Q for the quarter that ended on 30 September 2022 has been extended to 30 Novemb
er 2022 via income tax circular number 21/2022. Read Circular
17th March 2022
×
 “The CBDT has issued circular no.04 related to the tax deduction form salary under the Income-tax section 192.” Read More

Get Free Demo of TDS Return Filing Software

Name Mobile No

Email SEND

Guaranteed Offer for Tax Professionals*

List of TDS Deductors

 Individuals
 Body of Individuals
 Association of Individuals
 Partnership Firms
 Hindu Undivided Family
 Limited Companies
 Local Authorities

Benefits of Paying TDS

It is to be noted that TDS can be deducted only from the earnings which imply that this TDS liability sprouts out only in the case of earnings or
income. TDS is deducted ahead making payment and is taken from the payments which are made in cash, cheque or credit. The amount so collected
under TDS is deposited in government revenue through different government agencies. The provision of TDS holds benefits for the government as
well as the individual on behalf of whom TDS has been paid. Now, let’s have a look at the benefits of paying TDS for the government.

 Tax evasion is prevented as tax is deducted at source.

 Tax is collected in a duly and timely manner.
 A big squad of individuals falls under the tax net.
 TDS collection is a constant source of revenue for the government.

Rate of TDS deduction

TDS is deducted at various rates based on nature and the amount of income earned. Different TDS rate applies to different kinds of income. The tax
has to be paid on the extra amount earned above a certain maximum threshold which is tax-exempt. TDS rate varies from 1 percent to 30 percent on
different types of payments including salaries, commissions, professional fees, interest earned, rent, etc.

Read Also: TDS Online Payment Procedure, Due dates, and Forms: Ultimate Guide

Quick File TDS Returns Via TDS Software

Method of TDS deduction

TDS is deducted by the deductor from the payment made to the receiver at a certain fixed rate applicable to that particular type and source of
income. Deductor is liable to deduct the TDS and further deposit it to the government. For instance, when the employer pays a salary to the
employee, the employer plays the role of deductor and the employee becomes the TDS deducted.

Few Noteworthy Points about TDS Returns

 TDS Return refers to a quarterly statement that is submitted by the deductor to the Income Tax Department.
 A TDS Return can be defined as a summary of all the TDS associated transactions that are carried during a quarter.
 TDS statement showcases a summary of all the entries of TDS collected and paid by the deductor to the Income Tax Authority.
 TDS Return statement contains the details such as deductor’s & deductee’s PAN number, detailed particulars of the TDS contributed to the gover
nment’s revenue and the information of TDS Challan.
Deadlines for TDS Returns Filings

Quarter Quarter Period Due Date of Filing TDS Returns

1st Quarter 1st April to 30th June 31st July | 30th Sep. Only for 26Q and 27Q

2nd Quarter 1st July to 30th September 31st October

3rd Quarter 1st October to 31st December 31st Jan

4th Quarter 1st January to 31st March 31st May

Penalty on Late Filing of TDS Returns

According to the new rules which became effective from April 1, 2017, a maximum penalty of Rs. 10,000 is leviable on an individual for the late filing
of the TDS Return.

Penalty for late filing of TDS Form 26Q is stated in the below-mentioned table:

E-Filing Date Total Income below Rs. 5,00,000 Total Income above Rs. 5,00,000

Up to 31/8/2021 NIL NIL

From 1/9/2021 to 31/12/2021 INR 1000 INR 5000

From 1/1/2021 to 31/3/2021 INR 1000 INR 1000

Different Types of TDS Return Forms

The deductor is responsible to deduct the TDS from the income of deductee and to file the TDS Return form for it. Different types of TDS Return
Forms available for different deductions, depending on the nature of income and the kind of deductee on behalf of whom TDS is paid.

Name of TDS Return Forms Details of the TDS Return Forms

Form 24Q Statement for TDS from salaries

Form 26Q Statement for TDS from all payments other than salaries.

Form 27Q Statement for TDS from additional income like interest, dividends, or any other amount payable to NRI (foreigners).

Form 27EQ Statement for TCS (tax collected at source)

Let us take a deeper dive into the details of the various kinds of TDS Return Forms.

24Q 26Q 27Q 27EQ Compliance Software

Form 24Q – Statement for TDS from Salaries

Form 24Q is used to prepare eTDS returns via Gen TDS software for the TDS deducted on salary u/s 192 of the Income Tax Act, 1961. This form has
to be submitted by the deductor every quarter. It includes details such as salaries paid and the TDS deducted of the employees by the employer.

Form 24Q has two annexures which are Annexure-I and Annexure-II. Annexure-I includes the details of the deductor, deductees, and challans, and
the Annexure-II includes the details of the deductees’ salary.

The submission time of both the annexure is different. The deductor has to submit the Annexure-I for all the four quarters of the fiscal year, whereas
Annexure-II does not need to be submitted for the first three quarters of the fiscal year and has to be filed & submitted for the fourth quarter of the
fiscal year with details of the salaries of all the employees of the complete fiscal year.

Form 26Q – Statement for TDS From all Payments Other Than Salaries

Form 26Q is used for the TDS on all the payments received other than the salary. It has to be submitted by the deductor every quarter and is
applicable for TDS u/s 200(3), 193, and 194 of the Income Tax Act of 1961. Form 26Q is used for TDS on income such as dividend securities, interest
on securities, directors’ remuneration, professional fees, etc.

Note:

 The government deductors need to specify “PANNOTREQD” on the form.

 Non-government deductors have to mandatorily furnish PAN.

TDS Form 27Q Statement from Extra Income to NRI (Foreigners)

Form 27Q is relevant for payments made except the salary to non-resident Indians and foreigners. It is used for the declaration of TDS for the NRIs
and Foreigners. Form 27Q is submitted by the deductor every quarter and is relevant for TDS u/s 200(3) of the Income Tax Act of 1961. Form 26Q is
used for TDS on additional income such as interest, bonus or any other sum owed to NRI or foreigners.

Note:

 The government deductors need to specify “PANNOTREQD” on the form.

 Non-government deductors have to mandatorily furnish PAN.

Form 27EQ – Statement for TCS (Tax Collected at Source)

Form 27EQ refers to the quarterly statement of TCS that reflects the details of the TDS u/s 206C of the Income Tax Act of 1961. It can also be called
as the statement that furnishes the Tax Collected at Source (TCS).

TCS is the tax collected by the seller. When a purchaser purchases some products or commodities, the seller takes the tax from the buyer via the TCS
route This TCS is received when the purchaser makes payment either in cash, cheque, credit, demand draft or through any other payment mode.

The form 27EQ is submitted by the corporate deductors & collectors every quarter and it is mandatory to furnish TAN in this form. However,
government deductors and collectors can not file this Form.

Note:

 The government deductors need to specify “PANNOTREQD” on the form.

 Non-government deductors have to mandatorily furnish PAN.

File TDS Forms Via Gen TDS Sofware

Steps to Download TDS Return Forms

TDS Return Forms are classified into four categories. A taxpayer has to opt a particular category for which he/she wants to file TDS Returns. Here is
a step by step process to download the TDS return forms:

Step 1: Go to the official website of NSDL → https://www.tin-nsdl.com/

Step 2: Click → the “Downloads” tab > choose E-TDS/E-TCS from the drop-down list

Step 3: Click → “Quarterly Returns” > choose → “Regular”

Step 4: Welcome to the new page.

Step 5: Now select the TDS Return Form according to the needs stated under the “Form” section.

General Queries on TDS Return 24Q, 26Q, 27Q, 27EQ Forms

Q.1 – Which are the various income tax related forms?

Q.2 – What is TDS?

Q.3 – What is Form 24Q and how to submit it?

Q.4 – How Form 24Q is different from Form 26Q?

Q.5 – How can I get Form 24Q for filing TDS returns?

Q.6 – Do I need to file Form 26Q separately for contractors, professionals, interest, etc.?

Q.7 – What is Form 26 QB used for? Does Gen TDS software give the facility of downloading Form 26QB?
Q.8 – What are the key pointers to accurately file TDS using Form 26Q?

Q.9 – What is the penalty for late filing of Form 27Q?

Q.10 – What are the steps to generate revised TCS returns (27EQ)?

Q.11 – What is the way of downloading TDS return forms?

 Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in
detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise
any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to
reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with
professional authorities for a fact check."

Published by Atul Mittal

Atul is a professional content writer with specialisation in business and marketing content. I have been writing tax articles and news for about
two years now and have good experience in GST and income tax domains. View more posts

PRAKASH PRAKASH
February 9, 2023 at 11:41 pm

Are there any rules to spending government account towards assistant for third party vendor or ca for filling e Tds return in govt office

SAG INFOTECH
March 16, 2023 at 12:24 pm

Contact to NSDL Portal for this

KALYAN BNADYOPADHYAY
May 2, 2021 at 6:47 pm

Very helpful for learning of submission of TDS return.

 BIJENDER
October 14, 2020 at 11:33 am

Due dates of TDS return filling are incorrect please rectify.

Your email address will not be published. Required fields are marked *

Name *

Email *

Comment *

POST COMMENT

Follow Us on Google News

Latest Posts

ITAT Chennai Rejects Appeal for Late Tax Filing Beyond 8 Years

AAR: Nursing and Psychology Training Services Don’t Come Under Healthcare, GST Can’t Be Exempted
DoR Issues PR for Posts of Judicial and Technical Members in GSTAT Benches

Govt May Extend the Implementation Timeline of IT Section 43B(h) Amidst Pressure

New Offer for CA, CS

 Huge Discount on Tax Software

Upto 20% Off

Tax, ROC/MCA, XBRL, Payroll,

Online GST

Get More

Limited Offer, Hurry

Best Offer on Tax Software

Upto 20% Discount on Tax Software

Name

Mobile No

Email

Select Product*

Online GST Software

Genius Software
Payroll Software
ROC/ XBRL Filing Software
CA/Accounting Websites

YES, I WANT DEMO

Copyright © SAG Infotech Private Limited. All Rights Reserved.

    