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 quarterly basis on or before the due date. Details of payments made and TDS deducted on such payments by the deductor are covered under Form 26Q.
What are the payments covered under Form 26Q?
Every deductor who makes payment of certain nature is required to deduct TDS from 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
- Deemed Dividend
- Interest other than on securities by bank
- Interest other than on securities by others
- Winning from Lotteries/ Puzzle/ Game
- 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/ Employer | 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?
Due date for Payment of TDS deducted on other than Salary for every month is 7th of the next month. For the month of March, it is 30th April.
Due date for filing of Form 26Q for every quarter is as follows:
| Quarter | Period | Due date for filing Form 26Q |
|---|---|---|
| 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 |
FAQs
Form 26Q is a statement made for tax deducted at source for all payments except salaries. While submitting it, a deductor has to submit TAN.
The Form 27EQ is a quarterly statement that mentions details and information regarding tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.
Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such a specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.
Hey @HarshitShah
Yes, in case you have not deposited TDS by the due date, the following penalties might be applicable:
Interest (if you do not deposit the TDS amount in time)
Late filing fee (if you do not file by the deadline)
Penalty (if TDS is not filed within one year of the due date)
Hope this helps!
Hey @HarishMehta
Form 24, 27 and 27E are forms to file TDS/TCS returns:
Form 24 is to file TDS return detailing Salary Payments
Form 27 is to file TDS return detailing Foreign or NRI payment other than salary
Form 27E is to file TCS returns
Hope this helps!
Hi @KrishnaAgarwal