An overview of TDS return forms with explanation
An explanation of TDS return forms
In this post, we will discuss the TDS return forms with an explanation of each form to help you understand better. Let’s take a look at these sections in a bit more detail:
TDS Return Form : An Overview
The person deducting Tax must submit a TDS Return form along with the required documents. It is crucial to know that there are different TDS Return Forms for various situations. The form you need to submit depends on the Nature of Income of the person you are deducting Tax from or the type of person making the TDS payment. Here are the forms:
- Form 24Q: For Tax deducted from salaries.
- Form 26Q: Tax deducted on payments other than salaries.
- Form 27Q: For tax deduction on income from interest, dividends, or any additional sum paid to non-residents.
- Form 27EQ: For the statement of Tax collected at source.
Different Type of TDS Return Forms:
1.Form 24Q
- This form is used for preparing TDS returns for the TDS on salary u/s 192 of the Income Tax Act.
- The form details are based on the employee’s salary payments and Tax deducted by employers.
- You need to submit this form every quarter.
- You can submit this form online along with the required documents or electronically at TINFC.
- This form contains 2 Annexures. They are:
- Annexure-I – Details of Tax deducted and paid in all four quarters.
- Annexure II – Details of salary and deductions considered for tax calculation must be submitted in the fourth quarter.
2.Form 26Q
- You need to submit this form based on Tax deducted on payments other than salary made to resident Indians.
- It applies under section 200(3) of the Income Tax Act 1961.
- The income on which the TDS is deducted includes interest on securities, dividend securities, professional fees, etc.
- For those deductors who are not government employees, providing PAN is mandatory. Government deductors are required to note “PANNOTREQD” on the form.
3.Form 27Q
- This form applies to payments made to non-resident Indians and foreigners other than salary payments.
- The income on which TDS is deducted includes interest, bonus, if any additional income or any other amount owed to non-resident Indians or foreigners.
- This is a quarterly deduction by the deductor and is applicable under section 200(3) of the Income Tax Act of 1961.
- The Tax will be deducted on the payment made depending on the DTAA Act or IT Act as applicable for the respective deductee country.
- This return will consist of the details of Form 15 CB as provided by the CA for foreign remittance (if applicable).
- Interest and bonuses, as well as any additional income or amount payable to non-resident Indians or foreigners, are included in the income on which Tax is deducted at source.
- Non-government deductors must provide PAN, while government deductors must mention the code “PANNOTREQD” on the form.
4.Form 27EQ
- Tax Collected at Source (TCS) is a tax the seller collects from the buyer of certain goods. When the buyer purchases some goods, the seller collects the Tax from the buyer through the TCS route. The Tax is collected in cash, credit, cheque or any other mode of payment.
- This form is a quarterly statement that furnishes the details of TCS u/s 206C of the Income Tax Act.
- It is compulsory to mention TAN in this form.
- Form 27EQ is submitted every quarter.
- Corporate deductors and collectors must provide this, while government deductors and collectors are exempt. Non-government deductors are required to submit their PAN. Government deductors should indicate “PANNOTREQD” on the form instead.
How to Download TDS Return Forms
The TDS Return Form is categorised into four sections, and taxpayers must select the appropriate filing category. To download the form, follow these steps:
- Visit the official NSDL website at https://www.protean-tinpan.com/.
- Click the “Downloads” tab and select E-TDS/E-TCS from the drop-down menu.
- Choose “Quarterly Returns” and then select “Regular.”
- You’ll see a new page.
- Pick the specific TDS Return Form based on the requirements in the “Form” section.
We have concluded this post on TDS return forms. Kindly share your thoughts with us in the comments section below and ask any queries you may have.
Share
