TDS Return Forms: Form 24Q, 26Q, 27Q, 26QB, 26QC, 27EQ

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 or credit in the books of accounts as per the Rules.
TDS returns are quarterly statements which 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.

Who is required to file TDS return?

Every assessee (other than who is required to file Form 26QB, 26QC etc.)who has deducted TDS is required to file TDS Return.

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

How can I download TDS return forms?

TDS return forms can be downloaded from tin-nsdl official website. To download forms follow this process

• Click on the above mentioned link
• From the top banner navigate to “Downloads”
• Select “e-TDS/e-TCS”
• Go to Quarterly Returns and
• Choose “Regular”
• A list of all forms will be displayed. Click to download the pdf file.

Alternatively you can also download these forms by directly clicking here.

What is FORM 24Q?

Form 24Qis a quarterly statement of deduction of tax u/s 200(3) of the income tax act in respect of salary for the quarter ended.

• Details of salary paid to employees and TDS deducted on such payment is to be reported in 24Q. 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.
• It contains two annexures. Annexure I comprises the details of challan with deductee-wise break up of TDS, while Annexure II (applicable only in Quarter IV) comprises the details of the salary paid/credited for the relevant financial year and net tax payable.
  1. The sections covered in Form 24Q are-

What is FORM 26Q?

Form 26Q is a quarterly statement of deduction of tax u/s 200(3) of the Income tax Act in respect of payments other than salary for the quarter ended.

1. Unlike Form 24Q, 26Q contains only one annexure.
2. Challan details, details of deductor and deductee are to be mentioned. Alongwith this if the deductor has either not deducted or deducted at a lower rate, reasons are also to be mentioned in the form.
3. The sections covered in this form are -

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 for the quarter ended.

• Mention deductor category as per annexure I, section codes as per annexure II, Reason for Lower/ No/ Higher deduction as per Annexure III, nature of remittance as per Annexure 4 and country of residence as per Annexure 5
• Non - Government deductors are compulsorily required to quote PAN. For Government deductors ‘PANNOTREQD’ needs to be mentioned.
• The sections covered in this form are-

What is FORM 26QB?

As per Section 194-IA of the income tax act,TDS applies to sale of immovable property wherein 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.
• 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.

What is FORM 26QC?

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

• 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 rule, Taxpayer/Tenant should furnish challan-cum-statement in Form 26QC in following scenarios:-
  (a). At the end of the FY or in the month when the premise is vacated / termination of agreement. However, taxpayer has to mandatorily file the Form at the end of each Financial Year (in case the agreement period contains more than one FY and rent has been paid/credited during the year)
  (b). In the month when the premise is vacated/ termination of agreement ( in case the agreement period falls in the same FY)
• The person deducting TDS shall furnish Form 16C to the payee within 15 days from the due date of furnishing challan cum statement in Form 26QC.

What is FORM 27EQ?

Quarterly statement of collection of tax at source under section 206C of the Income?tax Act. Form 27EQ contains all the details related to tax collected at source

• All the Corporates, Government and all Tax collectors are required to submit Form 27EQ.
• Indicate
  - Deductor category as per Annexure 1,
  - Collection code as per Annexure 2 and
  - Remarks for no or lower collection as per Annexure 3
  
• The Collection code covered in this form are-

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

• STEP 1: TIN NSDL website provides the file format (Return Preparation Utility) or the data structure in which e-TDS or e-TCS return is to be prepared.
• STEP 2: When files are prepared as per the file format (Return Preparation Utility), then the file has to be verified by using File validation utility(FVU) as provided by NSDL.
• STEP 3: If there are any errors then FVU will generate errors report, the file has to be verified again through FVU.
• STEP 4: The generated .fvu file has to be submitted at TIN-FC. The TDS return (.fvu file) has to be saved in pen drive/CD and shall be submitted along with form 27A and shall be duly signed by the authorised signatory.

• STEP 1: TIN NSDL website provides the file format (Return Preparation Utility) or the data structure in which e-TDS or e-TCS return is to be prepared.
• STEP 2: When files are prepared as per the file format (Return Preparation Utility), then the file has to be verified by using File validation utility(FVU) as provided by NSDL.
• STEP 3: If there are any errors then FVU will generate errors report, the file has to be verified again through FVU.
• STEP 4. The generated .fvu file has to be uploaded at income tax website as per below points :-
  1. Login to 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 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 DSC management utility for upload of TDS zip file. Next click on 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 is to select the relevant option, enter the EVC and then click on submit.

What are the due dates of filing TDS return form?

Due date of filing of Form 26QB- The purchaser of property i.e. deductor has to file Form 26QB online. It is a Challan cum declaration statement which needs to be filed within 30 days from the end of the month in which payment was made. In respect of 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 month in which the tax is deducted. 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-

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.

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

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