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.
Hey @Rishi1,
26QC needs to be filed annually when your monthly rent exceeds ₹50,000. TDS is to be deducted once in a financial year. It can be either deducted at the time of credit of the rent to the account of the landlord for the last month of the financial year OR the last month of the tenancy if the property is vacated during the year.
In your case, you can deduct the TDS for April along with the TDS of the last month of the financial year and file form 26QC.
You can also book a MEET from the below link, wherein, one of our tax experts can thoroughly guide you and help file form 26QC.
Hwy @Rishi1,
Form 26QC is filed on an annual basis. However, in your case, as the rent for April month does not exceed ₹50,000, you are not required to deduct TDS or file a TDS return for the same.
Hope this helps!
Hi,
Is AO approval required after seller approval for form 26qb correction?
Hey @Rak,
This would depend from case to case.
If you are just changing the PAN of the seller, there’s no need for AO approval. However, in case you are correcting any of the dates or the deposit amount, AO approval may be required.
If AO approval is required, it will be reflected on the TRACES Portal.
Thanks for the response. I am correcting the deposit amount. Status is showing pending for AO approval. Do I need to visit the AO for the approval ?
Hey @Rak,
Yes, in this case, you will have to visit the AO.
Hi
The assigned AO is in different city. So difficult for me to personally visit. What can be done ?