In our last post, we discuss Due dates under TDS and Interest penalties under TDS. In the current post, we discuss All of the TDS returns and forms, i.e. Form 24Q, Form 26Q, Form 27A, Form 16, and Form 16A.
TDS Process:- Tax deducted at source is a system introduced by the Income Tax Department, whereby a person responsible for making the payment has to deduct TDS at prescribed rates. For completion of the TDS process here are some steps involved-
- A person makes some specified payment to the payee.
- He is required to deduct TDS on specified payments as per the act.
- The TDS deducted needs to be deposit in time to the government a/c.
- For finalization of all the aspects under the TDS process, a person needs to file the return of the TDS transaction made under the Act.
- In the last steps, he needs to issue different prescribes forms to the deducted.
Form 24Q and Form 26Q of TDS returns and forms
What is form 24Q and form 26Q- Deductor has the liability to make tax deductions and file the TDS return form. There are mainly two different types of TDS returns and forms that need to be filed within the due date. Form 24Q is for salary return and Form 26Q is for non-salary return.
Also Read- Difference Between Form 24Q of 26Q
What is form 24Q and what details Form 24Q to contain?
- Form 24Q is a quarterly statement of deduction of tax under section 200 (3) of the Act.
- This form is filed in respect of salary for the respective quarter ended.
- It contains details like the salary paid and TDS deducted of the employee by the employer
- Form 24Q contain or divided in two Annexures i.e. Annexure- I and Annexure-II
- Annexure I contain the details of the deductor, deducted, and the challan details and it needs to be submitted on a quarterly basis.
- Annexure-II contains the details of the deductee’s salary and it does not need to be submitted on a quarterly basis and submitted only in the 4th quarter with details of its employee salary for all 4 quarters i.e for a complete financial year.
What is the due date of form 24Q or say return filing due dates of form 24Q?
Form 24Q Due Dates: Form 24Q is filed quarterly, which means that each financial year is filed separately for each quarter. The due dates of form 24Q are as under:-
| Quarter | Month | Due Date |
|---|---|---|
| 1st Quarter | April-June | 31st July |
| 2nd Quarter | July-September | 31st October |
| 3rd Quarter | October-December | 31st January |
| 4th Quarter | January-March | 31st May |
Read Here- For the Complete due dates list under TDS, you can visit here
What is form 26Q and what details Form 26Q to contain?
- Form 26Q is a quarterly statement of deduction of tax under section 200 (3) of the Act.
- This form is filed in respect of non-salary payments for the respective quarter ended.
- It is required to submit PAN details by the non-government educator, and for government deductee, it must mention in the form “PANNOTREQD”.
- Form 26Q is used for TDS on interest, TDS on contract, TDS on professional fees, etc.
What is the due date of form 26Q or say return filing due dates of form 26Q?
Form 26Q Due Dates: Form 26Q is also filed quarterly, which means that each financial year is filed separately for each quarter. The due dates of form 26Q are just the same as form 24Q, but for easy understanding, of our readers, the tabulated chart is as under:-
| Quarter | Month | Due Date |
|---|---|---|
| 1st Quarter | April-June | 31st July |
| 2nd Quarter | July-September | 31st October |
| 3rd Quarter | October-December | 31st January |
| 4th Quarter | January-March | 31st May |
Know Here- For the Complete due dates list under TDS, you can visit here
Form 16 and Form 16A of TDS returns and forms
What are form 16 and form 16A- Form 16 and Form 16A are all certificates of tax deducted at source on your income from different sources. Both these forms vary concerning their purpose, eligibility, details, etc.
What is form 16 under Income Tax?
Form 16 under Income Tax- Form 16 is a salary TDS certificate issued to a salaried employee, whose salary is liable for TDS deduction every year. If your salary is below the basic exemption limit, your employee will not deduct TDS and may not issue form 16 to you.
What does form 16 consist of?
This form is divided into 2 parts i.e. Part A and Part B
Part A of Form 16 contains the following:-
- Part A contains the basic details of the employer and the employee.
- It contains the employer’s name, address, PAN & TAN.
- It contains the employee’s name, address, and PAN.
- It contains a period of salary, amount of salary, and TDS on salary.
Part B of Form 16 contains the following:-
- It contains components of your salary and deduction claimed by you.
- It contains total salary, total deduction, and tax deducted on your income.
What is form 16A under Income Tax?
Form 16A under Income Tax- Form 16A is also a TDS certificate, it is applicable for TDS on income other than salary. Form 16A indicates the amount of income paid and TDS deducted on that specified income. The non-salary income includes professional fees, contract fees, interest income, etc. Form 16A issued under section 203 of the Income Tax Act, 1961.
What does form 16A consist of?
Form 16A contains the following details.
- Name and address of the deductor.
- Name and address of the deductee.
- A unique identification no. of the deductor which includes PAN and TAN number also.
- A unique identification no. of the deducted which includes PAN of the deductee only.
- Total amount due to the deductee.
- Amount deducted and paid to The Income Tax Department.
How to Download TDS Return Forms
Download TDS Return forms- TDS Return Form has been sub-divided into four categories. A taxpayer needs to choose the particular category for which he/she has to file TDS Returns accordingly. Here are steps through which a taxpayer can download the TDS return forms.
Step 1: Visit the official website of NSDL at https://www.tin-nsdl.com/
Step 2: Click the “Downloads” tab and choose E-TDS/E-TCS from the drop-down list menu
Step 3: Click “Quarterly Returns” and then choose “Regular”
Step 4: You will be redirected to the new page
Step 5: Choose the TDS Return Form as per the requirement mentioned under section “Form”
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken based on the above article.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)