Everything About TDS Return Forms 24Q 26Q 26QB 27Q 27EQ with Due Dates

TDS pronounced as Tax Deducted at Source is a kind of advance tax that the government collects from individual or organization income whenever (an entity or person) makes specified payments mentioned under the Income Tax Act.

The Income Tax Act, 1961 by the Central Board of Direct Taxes (CBDT) controls and governs the rules and regulations of TDS. 

Did you know that Tax Deducted at Source applies to both kinds of income – Regular income as well as Occasional or Irregular income which means TDS is deducted from various income sources such as Salary, Commission, Rent, Professional Fees and Interest.

For e-filing of TDS return there are different types of forms made available by the Income Tax Department which are to be used as per the nature of payment by the organization. 

Here in this blog we will learn different TDS forms features and functions with due dates filing. 

Before going further. You should know about ‘Deadlines for TDS Returns Filings’ - 

Note: There is a maximum penalty of Rs. 10000 is leviable on an assessee for the late filing of the TDS Return.

Different Types of TDS Return Forms

1. Form 24Q – Statement for TDS from Salaries

Form 24Q is the most frequently used TDS form used by a person and used to prepare eTDS returns via Gen TDS software for the TDS deducted on salary u/s 192 of the Income Tax Act, 1961. Remember! This form has to be submitted by the deductor every quarter. The form includes details about salaries paid and the TDS deducted of the employees by the employer.

2. Form 26Q – Statement for TDS From all Payments Other Than Salaries

As Form 24Q is used when tax is deducted on payment to salaried employees whereas Form 26Q is used for the TDS on all the payments received other than salary. It has to be submitted by the deductor every quarter and is applicable for TDS u/s 200(3), 193 and 194 of the Income Tax Act of 1961.

3. Form 27Q – Statement for TDS from Additional Income

Form 27Q relatively close to the statement for TDS from additional income like Interest, Dividends, or any other amount Payable to NRI (Foreigners) i.e. payment made except the salary to non-resident Indians and foreigners. Form 27Q is submitted by the deductor every quarter.

4. Form 27EQ – Statement for TCS (Tax Collected at Source)

Form 27EQ also has to be filled quarterly close to the  statement of TCS that reflects the details of the TDS u/s 206C of the Income Tax Act of 1961. This  form comes into contact when a purchaser purchases some products or commodities, the seller takes the tax from the buyer via the TCS route. 

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