Different Types of TDS Return Forms: 24Q, 26Q, 27Q, 27EQ, and 27D

Tax Deducted at Source (TDS) helps prevent tax evasion by deducting taxes from an individual's income before they receive it. The collector deducts tax at a predetermined rate. They must then file a TDS return, which is a quarterly statement submitted on a designated form. This return includes details of the TDS deducted and deposited, and the amount is sent to the Income Tax Department.

Exploring Various TDS Return Forms: A Comprehensive Guide

There's often confusion surrounding the various TDS Return Forms, each serving distinct purposes for tax deductions. Here, we provide a detailed breakdown of each form and its specific functions.

Form 24Q: A Detailed Overview

Form 24Q is utilized for comprehensive individual tax declarations, encompassing salary payments and deductions.

Indian companies and firms are required to submit 24Q TDS quarterly.

Form 24Q mandates personal details of the challan, deductor, deductee, and TDS on salary.

Downloading and submitting this form online, along with the necessary documents, is a straightforward process.

Government offices and company principal officers must compulsorily submit this form online.

Online submission of Form 24Q is also necessary for audited accounts under Section 44AB of the Income Tax Act, 1961, or when there are 20 or more deductee records in a fiscal quarter.

Annexure I and II under 24Q are to be submitted online.

Annexure II is exclusively filed in the final quarter of the fiscal year.

Form 26Q: An Overview

Form 26Q is essential for reporting TDS return details.

26Q TDS encompasses payments apart from salaries.

Indian residents and citizens are obligated to furnish Form 26Q.

This TDS return Form operates under subsection 3 of Section 200 of the Income Tax Act, 1961.

The Form delineates various sections and regulations such as 193, 194 I, 194 J, 194 LA, 194 C, 194 D, 194 EE, 194 F, 194 G, 194H, 194, 194A, 194BB, and rule 31A.

It provides specific identification of the deductor type, whether governmental or non-governmental.

Non-governmental deductors are required to furnish PAN.

Governmental deductors should utilize “PANNOTREQD”.

Form 27Q: A Simplified Overview

Form 27Q is utilized for detailed TDS return declarations by foreigners and NRIs.

It outlines quarterly tax deductions as per subsection 3 of Section 200 of the Income Tax Act, 1961.

This form covers income payments to foreigners and NRIs, excluding salaries.

Non-governmental deductors using Form 27Q must furnish PAN details.

Governmental deductors indicate “PANNOTREQD” in this form.

The deductor category in Form 27Q is specified based on Annexure 1.

It is obligatory to complete all amount columns, marking “0.00” if not applicable.

Form 27EQ: An Easy Explanation

Form 27EQ TDS pertains to Tax Collected at Source (TCS) and is filed on a quarterly basis.

This form is governed by Section 206C of the Income Tax Act (ITA) and corresponds to the end date of the respective quarter.

TCS involves sellers collecting tax from buyers during payment settlements.

This tax collection occurs during transactions involving credit, cheques, cash, demand drafts, etc.

Employers are required to mention their TAN (Tax Deduction and Collection Account Number) in Form 27EQ.

In Form 27EQ, non-government employers or deductors must provide PAN details, whereas government deductors choose “PANNOTREQD.”

The deductor category is determined according to Annexure 1.

The section code in this form is based on Annexure II, and reasons for deductions or non-deductions are stated in Annexure III.

Form 27D

Form 27D is applicable under Section 206C of the Income Tax Act, 1961.

The form reflects tax collected by sellers from buyers during transactions.

Tax collection occurs when debiting the amount payable to the buyer or receiving payment in cash, DD, cheque, or other methods.

It specifically applies to goods sold under Section 206C(1) for business purposes.

TCS is charged on tendu leaves, forest timber (whether leased or not), and other forest products, excluding tendu leaves or timber scrap.

TCS payment and filing, using Challan 281, are due by the final day of the relevant tax collection month.

How to Download TDS Return Forms?

Downloading Forms 24Q, 26Q, 27Q, 27EQ, and 27D is simple. Just follow these steps:

• Step 1: Visit the official Protean website and click on the "Downloads" option.
• Step 2: From the dropdown menu, choose either "e-TDS" or "e-TCS," then click on "Quarterly Returns."
• Step 3: Select the "Regular" option, which will take you to a new page.
• Step 4: On this page, choose the specific TDS Return Form you need and proceed to download it.

Also Read: उत्तर प्रदेश के वित्त मंत्री सुरेश कुमार खन्ना का 2024-2025 के बजट अनुमानों पर पूरा भाषण

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