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Taxes are important for the financial well-being and the good governance of a country. Without taxes, the functioning of the country gets disturbed. The tax system in India is regulated by the income tax department of the country. However, the rules and regulations regarding the tax system in India are somewhat complex, which makes it important for citizens to understand and stay informed about various forms that they are required to fill out to pay taxes and to avail of deductions.
There are several types of tax or TDS forms that taxpayers come across while filing tax returns. Among them, Forms 24Q, 26Q, 27Q, 27EQ, and 27D are considered crucial. Let us talk about these forms in this post. But before that, let us understand what TDS return is.
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TDS full form is Tax Deducted at Source. TDS is an advance tax that is deducted from the income/salary of the employee before crediting the money to the individual’s bank account. TDS deduction implies that the employer deducts tax before paying remunerations to the employee. The provision of TDS supports the government in generating revenue from the income of individuals and businesses.
The TDS regulations are governed under the Income Tax Act, 1961 by CBDT, which is the Central Board of Direct Taxes. TDS is not just limited to income from salary only; it includes various incomes from rent, commissions, interest, professional fees, and more.
TDS returns are quarterly statements that come with details related to TDS deductions and deposits. The TDS return is submitted to the income tax department by the concerned TDS deductor.
Read More: How TDS is Calculated and Deducted on Salary?
It is crucial to file TDS on time for many reasons, some of which are mentioned below:
Individuals, Body of Individuals (BOIs), Hindu Undivided Families (HUFs), Partnership Firms, Limited Companies, Local Authorities, and Associations of Individuals (AOIs) are among the deductors who are liable to deduct TDS.
Income in the form of salaries, professional fees, rent, commissions, interest earned, etc., are payments that are subject to TDS. Different TDS rates are applied depending on the type and amount of income earned. As per your income, the Applicable TDS is levied on different individuals. The TDS rate may vary from 1% to 30% per the taxed income.
TDS is deducted on payments/income. Hence, individuals receive payment after the applicable TDS is deducted from their income. The applicable TDS is deducted from the payment that the receiver is supposed to receive. Once TDS is deducted, the remaining amount is paid out to the receiver. The responsibility of deducting TDS goes to the deductor, which can be the company/employer in the case of salaried employees/individuals.
All the financial transactions concerning TDS or Tax Deducted at Source during a quarter are summarized under TDS return. Thus, it is the quarterly statement of TDS deducted by a deductor and submitted to the IT department of India. The TDS return statement contains a summary of all entries for which TDS is collected and paid. The statement also contains PAN details of both the deductor and the deductee, TDS Challan information as well as details of TDS paid to the government.
Below are the TDS Return due dates for the financial year 2024-25:
Quarter |
Quarter Period |
Last Date of Filing TDS Returns |
1st Quarter |
April 1, 2024 to June 30, 2024 |
31st July 2024 |
2nd Quarter |
July 1, 2024 to September 30, 2024 | 31st October 2024 |
3rd Quarter | October 1, 2024 to December 31, 2024 |
31st January 2025 |
4th Quarter |
January 1, 2025 to March 31, 2025 |
31st May 2025 |
Depending on the nature of taxpayers’ income, the TDS return form to be submitted to the income tax department might vary. Below are the different types of TDS Return forms:
It is used for submitting quarterly statements of tax deductions made from salary u/s 192.
Sections:
Consists of two sections – deductor details and annexures
Deductor Details:
The first section consists of deductor details like:
Section B consists of two annexures – Annexure I and Annexure II
Annexure I contain;
Salary Details:
Deduction Details:
Annexure II contains;
Challan Details:
Annexure IIA contains Salary TDS Details such as;
It is used for submitting quarterly statements of tax deductions related to payments other than salary.
Sections:
The form contains the following sections:
Deductor Details
Annexure I: This annexure contains deductee details, such as;
Challan Details
Annexure IIA
This form is used to file quarterly statements for tax deductions coming from interest, dividends, or any other sum payable to non-residents.
Sections:
The form has below sections:
Deductor Details
Annexure I:
Deductee Details such as;
Challan Details
Annexure IIA
It is used for submitting quarterly statements of tax collected at source.
Sections:
Collector Details
Annexure I:
Deductee Details:
Challan Details:
Annexure IIA:
There are four categories of a TDS return file, and a taxpayer is expected to select the required category to file returns on that category.
Follow the steps below to download the TDS return forms:
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For TDS returns deducted on salary, Form 24Q has to be filed and submitted, while for TDS details on payments except salary, Form 26Q has to be filed and submitted.
Form 26QB statement cum challan is filed while filing tax payments under Form 26QB category ‘TDS on sale of property’ on the official portal of NDLS.
Challan 281 is used for TDS e-filling or TCS filing online and offline.
No, there is no need for a separate return to be filed. Only a challan cum statement is filed in Form 26 QB.
The post above mentions the TDS filing due date, which you may refer to.
We have mentioned the TDS quarterly return due date for your perusal.
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