Understanding Form 24Q and Form 26Q for TDS Returns in India

TDS or Tax Deducted at Source is a tax collection mechanism in India that ensures that tax is collected at the source of income. Any person or entity who is required to make payment to another person or entity is required to deduct TDS and remit the same to the government. The TDS return is a statement that summarizes all the details of TDS deducted and deposited by the deductor. In this blog, we will take a closer look at the two most common TDS return forms - Form 24Q and Form 26Q.

Form 24Q

Form 24Q is used for TDS deducted on salary payments. It has four parts - Part A, Part B, Part C, and Part D. Let's take a closer look at each part:

• Part A: This part contains details of the deductor and deductee, such as their names, addresses, and PAN numbers.
• Part B: This part contains details of salary paid and TDS deducted. It includes details such as the amount of salary paid, allowances, perquisites, and deductions under various sections of the Income Tax Act.
• Part C: This part contains details of tax payments and challans. It includes details such as the BSR code of the bank through which tax was paid, the date of payment, and the amount of tax paid.
• Part D: This part contains details of the person responsible for filing the TDS return. It includes details such as the name and address of the person responsible, their PAN number, and the date of filing.

Form 26Q

Form 26Q is used for TDS deducted on payments other than salaries. It also has four parts - Part A, Part B, Part C, and Part D. Let's take a closer look at each part:

• Part A: This part contains details of the deductor and deductee, such as their names, addresses, and PAN numbers.
• Part B: This part contains details of payments made and TDS deducted. It includes details such as the amount paid, the nature of payment, and the rate at which TDS was deducted.
• Part C: This part contains details of tax payments and challans. It includes details such as the BSR code of the bank through which tax was paid, the date of payment, and the amount of tax paid.
• Part D: This part contains details of the person responsible for filing the TDS return. It includes details such as the name and address of the person responsible, their PAN number, and the date of filing.

Important Dates

It is important to file TDS returns on time to avoid penalties and interest. The due date for filing TDS returns is generally the 31st of July for the first quarter, the 31st of October for the second quarter, the 31st of January for the third quarter, and the 31st of May for the fourth quarter.

Conclusion

TDS is an important mechanism for tax collection in India, and TDS returns are a crucial part of the process. Form 24Q and Form 26Q are the two most common TDS return forms, and it is important to understand the details required in each part of the form. Filing TDS returns on time is crucial to avoid penalties and interest.

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