As per the Income Tax Act, every person making payments other than a salary to a resident person is liable to deduct TDS on certain occasions. The person who has deducted TDS on such payment is liable to report all those transactions in Form 26Q.
What is Form 26Q?
Form 26Q is a TDS Return/ Statement containing details of TDS deducted on payments other than salary. It is required to be submitted on a quarterly basis on or before the due date. Details of payments made and TDS deducted on such payments by the deductor are covered under this form.
What are the payments covered under Form 26Q?
Every deductor who makes payments of certain nature is required to deduct TDS from the payment amount. Following are the nature of payments covered in this form.
- Payment to Contractors
- Payment of Insurance Commission
- Commission or Brokerage
- Rent on Property
- Payment of Professional/Technical Services
- Interest on Securities
- Dividend
- Interest on other than Interest on securities
- Commission, prize, etc. on sale of lottery tickets
- Payment in respect of Life Insurance policy
- Winning from Lotteries/Puzzles/Games
- Winning from Horse Race
- Remuneration/ Commission to director of the company
Details required to file Form 26Q
Following are the details required to file in this form:
| Entity | Details |
| Deductor | TAN, PAN, Name, Address, and Contact details |
| Responsible Person | Name, PAN, Address, and Contact Details |
| Challan | Challan serial number, BSR Code, TDS, Surcharge, and Education Cess paid |
| Deduction | Deductee/ Employee Name, PAN, Amount credited/paid, TDS amount deducted and deposited |
What is the due date to file this Form?
The due date for Payment of TDS deducted other than Salary for every month is the 7th of the next month. For the month of March, it is the 30th of April.
The due date for filing Form 26Q for every quarter is as follows:
| Quarter | Period | Due date |
|---|---|---|
| Q1 | 1st April – 30th June | On or before 31st July |
| Q2 | 1st July – 30th September | On or before 31st October |
| Q3 | 1st October – 31st December | On or before 31st January |
| Q4 | 1st January – 31st March | On or before 31st May |
TDS Certificate
The deductor should provide the certificate of tax deducted in Form 16A within 15 days from the date of filing the return. The deductor can download the form from the TRACES website.
FAQs
Form 24Q should be filled for tax deducted on salary payments. While form 26Q should be filled for tax deducted on domestic payments other than salary.
The late fee for filing this form after the due date is INR 200/day till the failure continues. The late fee amount will not exceed the amount of TDS deducted.
Yes, If you have made any mistake or any information is omitted while filing the return you can file a correction return for the same either online or offline.