Form 26Q: TDS Return filing for Non Salary Deductions
Most people are scared when it comes to filing income tax. This is purely due to lack of information and nothing else. Insufficient knowledge is the only thing stopping the majority of citizens from managing tax-related topics like filing TDS returns. If acquainted with a few rules, terms, and regulations, dealing with matters related to income tax becomes very easy.
One such keyword is form 26Q. Every person is aware that TDS is deducted from the salary they receive. But the reality is that TDS is not just for that purpose. Tax deducted at source is for all the incomes earned by an individual. Like any other form of payment, when a payment other than salary is made to an individual or a company, TDS is deducted by the payer before crediting the payment amount.
While filing for TDS returns, form 26Q is submitted for all the payments made to the payee other than the salary. This payment is strictly for the Indian citizens. The form 26Q is not for the payments made to any individual or entity that is not an Indian resident.
What is form 26Q?
A taxpayer pays taxes on every kind of income. When an income which is not the salary, is received by the payee, form 26Q is used to file the TDS returns. Form 26Q is used to mention the amount of income and the TDS deducted on that income.
