TDS Return Forms 24Q, 26Q, 27Q, 27EQ

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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.

What is TDS Return?

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?

Benefits of TDS Returns Filing 

It is crucial to file TDS on time for many reasons, some of which are mentioned below: 

  • By filing TDS on time, you can avoid a penalty of a late fee that may be imposed if you fail to pay TDS timely.
  • Not filing TDS on time may attract other penalties mentioned under section 234E of the Income Tax Act
  • If TDS is not filed on time, it may also attract interest on income that is tax-exempted. So, it is better to know how to file a TDS return and file it on time to avoid interest charges
  • Fulfilling your duty of timely filing of TDS ensures that the taxpayers are complying with the regulations regarding tax payment
  • On-time TDS filing also ensures the smooth functioning of your business operations
  • On the other hand, delay in TDS filing may disrupt tax compliance and affect business dealings and finances
  • TDS, when filed timely, also ensures quick processing of TDS returns. This smoothens the process of issuing TDS certificates to employees and helps in fast refunds of applicable taxes
  • Filing TDS on time also lowers the need to amend the return, which, in turn, saves time and effort in dealing with errors and discrepancies.

Who is Liable for TDS Deductions as Per Income Tax Rules?

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.

What is the Rate of TDS Deduction?

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 Deduction Processes

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.

Things to Know About TDS Returns

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.

Important Dates to Know for TDS Filing

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

Overview of TDS Return Forms

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:

  • Forms 24Q – This pertains to tax deducted at source from salaries
  • Forms 26Q – This form is used for TDS deducted for all other payments except salaries
  • Forms 27Q – This Form is about TDS on income received from dividends, interest, the sum payable to NRIs, etc.
  • Forms 27EQ – This is about tax collected at the source

1. Form 24Q:

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:

  • TAN (Tax Deduction and Collection Account Number)
  • PAN
  • Deductor’s name and address

Section B consists of two annexures – Annexure I and Annexure II

Annexure I contain;

Salary Details:

  • Employee details include name, PAN, TDS deducted, etc.
  • Salary breakup such as Basic pay, HRA, allowances, etc.
  • Deductions under Chapter VI-A.

Deduction Details:

  • Deduction u/s 80C, 80D, etc.
  • Other exemptions and deductions.

Annexure II contains;

Challan Details:

  • Challan serial number
  • BSR code of the bank branch
  • Date of deposit
  • Amount deposited

Annexure IIA contains Salary TDS Details such as;

  • Breakup of TDS deducted for each employee

2. Form 26Q:

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 

  • TAN
  • PAN
  • Deductor’s name and address

Annexure I: This annexure contains deductee details, such as;

  • Name, PAN, and address of the deductee.
  • TDS and TCS details for each deductee.

Challan Details 

  • Challan serial number
  • BSR code of the bank branch
  • Date of deposit
  • Amount deposited

Annexure IIA

  • TDS breakup for every employee

3. Form 27Q:

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 

  • TAN
  • PAN
  • Deductor’s name and address

Annexure I:

Deductee Details such as;

  • Name, PAN, and address of the deductee.
  • TDS and TCS details for each deductee.

Challan Details

  • Challan serial number
  • BSR code of the bank branch
  • Date of deposit
  • Amount deposited

Annexure IIA 

  • Breakup of TDS deducted for each employee

4. Form 27EQ:

It is used for submitting quarterly statements of tax collected at source.

Sections:

Collector Details

  • TAN of the collector.
  • Name and address of the collector.
  • PAN of the collector.

Annexure I:

Deductee Details:

  • Name, PAN, and address of the deductee.
  • TDS and TCS details for each deductee.

Challan Details:

  • Challan serial number
  • BSR code of the bank branch
  • Date of deposit
  • Amount deposited

Annexure IIA:

  • Breakup of TDS deducted for each employee

How and Where to Download TDS Forms?

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:

  1. Go to https://www.protean-tinpan.com, the official portal of NSDL
  2. Click ‘Downloads’ on the top right side of the homepage, and from the drop-down menu, choose ‘E-TDS/E-TCS’
  3. Now, click ‘Quarterly Returns’ and then select ‘Regular’
  4. You will reach a new page
  5. Choose the TDS Return Form depending on the category you require from the ‘Form’ section

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FAQs: TDS Return Forms 24Q, 26Q, 27Q, 27EQ?

How is Form 24Q different from Form 26Q?

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.

What is the process to file challan cum statement of Form-26QB?

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.

Which challan is used for paying TDS?

Challan 281 is used for TDS e-filling or TCS filing online and offline.

Are separate returns required to be filed for TDS u/s 194-IA?

No, there is no need for a separate return to be filed. Only a challan cum statement is filed in Form 26 QB.

What is the TDS return filing due date?

The post above mentions the TDS filing due date, which you may refer to.

What is the TDS quarterly return due date?

We have mentioned the TDS quarterly return due date for your perusal.

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Feb 13, 2024
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