TDS form 26Q, How to file Form 26Q, how to file TDS return
TDS form 26Q, How to file Form 26Q, how to file TDS return
TDS form 26Q, How to file Form 26Q, how to file TDS return
TDS form 26Q, How to file Form 26Q, how to file TDS return

Form-26Q

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.

Our Scope of work

  1. Preparation of Form-26Q
  2. Filing with Authorities
  3. Obtaining GSTIN
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TDS form 26Q, How to file Form 26Q, how to file TDS return
TDS form 26Q, How to file Form 26Q, how to file TDS return

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Know more about 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.

The form 26Q only contains one annexure where the details are to be filled. These details are as follows:

  • Challan details
    • The serial number of challan
    • TDS amount
    • Surcharge amount
    • BSR Code
    • Education cess amount
    • Amount of interest
    • The total of tax deposit
    • The number of demand draft or the cheque (if applicable)
    • The collection code
    • The tax deposit date
    • Method of TDS deposition
  • Payer Details
    • Name
    • Address
    • PAN Number
    • Contact details
  • Payee Details
    • Name of the payee
    • Email ID
    • Full Address
    • Contact number
    • PAN Number
    • Telephone number

The deductor also has to mention the reason for not deducting TDS or deducting it at a lower case, whichever applicable.

All the taxpayers are supposed to file the TDS return with form 26Q in a timely manner and regularly. The form 26Q is filed on a quarterly basis and the last dates for doing that are as follows:

  • Quarter 1 31st July
  • Quarter 2 31st Oct
  • Quarter 3 31st Jan
  • Quarter 4 31st May

While making the payment, the payer needs to deduct the TDS amount according to the rate applicable. This deducted amount should be deposited to the credit of government exchequer through the challan ITNS 281 on time. It can also be filed online on the website of TIN. If the deduction and deposition process is not done on time, the penalty is levied as mentioned below.

Also, if the TDS is deducted at a lower rate, then the payee needs to get a certificate of lower deduction as per section 197 of the Income Tax Act, 1961. If the payee obtains the certificate of lower deduction, then the TDS is deducted according to the rate mentioned in the certificate and it will be reflected in the filing of TDS via the form 26Q.

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