All About TDS Return Forms 24Q, 26Q, 27Q, 27EQ, 27D

Form 24Q

1. This form has to be filled up for declaration of a citizen's TDS returns in detail.
2. The form information is based on a citizen's salary payments and the deductions made for tax.
3. The declaration and payment is to be made quarterly by companies and firms in India.
4. Details such as Deductor, Deductees, Challans as well as Salary TDS have to be provided.
5. The form can be downloaded and submitted online along with the required documents as well as submitted in person/company/organization.However, for certain people, it is compulsory to be submitted online. This includes:
   1. If the deductor is a Government office
   2. If the deductor is a company's principal officer
   3. If the deductor is required to have their accounts
   4. audited for the prior year under 44AB of the Income Tax Act, 1961.
   5. If there are 20 or more records of deductees in a statement for any quarter of a particular financial year.
6. Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year.
7. Annexure II needs to be filed only for the final quarter of the year.

Form 26Q

1. This form has to be filled up for declaration of a citizen's TDS returns in detail.
2. This form is based on their payments other than salary.
3. It has to be filled up for declaration by people who are living and working in India and are Indian citizens.
4. This form is payable under the sub - section (3) of section 200 of the Income tax Act, 1961.
5. The sections under which the form is based on, and can be used for reference to fill in the declaration form include sections 193, 194, 194A, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I, 194J, 194LA and rule 31A.
6. It needs to be indicated in the form whether the deductor is Government or non-Government.
7. It is compulsory to quote the PAN for non-Government deductors.
8. In the case of Government deductors, "PANNOTREQD" has to be mentioned on the form. Mentioned.

Form 27D

1. This is a Certificate under section 206C of the Income tax Act, 1961 for tax that is collected at source.
2. TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per the Section 206C (1) for the purpose of business and not for personal use.
3. TCS is chargeable, as mentioned in the form for:
   1. Alcoholic Liquor that is meant to be consumed by humans.
   2. Tendu leaves
   3. Timber obtained from a forest which is under a lease.
   4. Timber that is obtained from any other forest that is not on lease.
   5. Any other forest produce other than timber and tendu leaves, and Scrap.
4. There are certain exemptions for TCS based on goods, buyer and seller definitions as per the section in the form.
5. TCS Amount is paid and filed in Challan 281 within a week from the final day of the month in which tax is supposed to be collected. TCS Certificate in Form 27D is issued to Buyer.

Form 27Q

1. This form has to be filled up for declaration of TDS returns in detail by NRIs and foreigners
2. This form is based on the payments of foreigners and NRIs other than salary.
3. It is compulsory for non-Government deductors to mention the PAN in the form.
4. For Government deductors, "PANNOTREQD" has to be mentioned.
5. The deductor category needs to be indicated based on the Annexure 1.
6. If the deductors are Central Government, the Ministry/Department has to be mentioned. The same goes for the State Government.
7. It is mandatory to fill in all the amount columns. If an amount is not applicable, 0.00 has to be mentioned.
8. This is a quarterly tax deduction statement under the subsection (3), Section 200 of the Income tax Act, 1961.

Form 27EQ

1. It is mandatory to mention the TAN in this form.
2. The declaration is a Quarterly statement of collection of (TCS) tax at source.
3. The form is made under the section 206C of the Income Tax Act.
4. It is compulsory for non-Government deductors to mention the PAN in the form.
5. For Government deductors, "PANNOTREQD" has to be mentioned.
6. The deductor category needs to be indicated based on the Annexure 1.
7. If the deductors are Central Government, the Ministry/Department has to be mentioned. The same goes for the State Government.
8. TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per Section 206C (1) for the purpose of business and not for personal use.

Form 24Q and 26Q Due Dates

Form 24Q is a statement for TDS from salaries, which must be filled and submitted by the deductor on a quarterly basis.

For the quarter ending 30th June, the E-TDS return due date for both 24Q and 26Q will be July 31. For the quarter ending 30th September, the due date will be 31st October. For the quarter ending 31st December, the due date will be 31st January. For the quarter ending 31st March, the due date will be 31st May.

Form 24Q E-TDS Annual Returns

Form 24Q has to be filled in to file your annual return of salaries, and the details that have to be entered in the form include your Tax Deduction Account Number, your Permanent Account Number, the name of your employer, the category under which your employer falls, the business address of your employer, etc. A number of details with regards to the salary paid and the amount of money deducted as tax on it will also have to be disclosed in the form, as well as information regarding the tax deducted and paid to the credit of the central government.

There are two annexures in Form 24Q - Annexure I and II. While the first annexure should be filled up with information regarding the deductor, deductees and challans, the second must be filled with details regarding your salary. The first annexure should be filed and submitted each quarter of the year, while the second should be submitted only during the last quarter of each financial year.

Form 24Q E-Filing

Every government and corporate collector / deductor is required to submit TDS returns in an electric form, as are all collectors / deductors who get their accounts audited under section 44AB in the previous financial year.

E-TDS returns can be filed online using any RPU (Return Preparation Utility). A number of third party services and softwares can available to help individuals file their E-TDS return. The government of India has also released a TDS RPU which can be downloaded from the NDSL website to facilitate the filing of E-TDS.

Difference between Form 24Q and Form 26Q

Form 24Q should be filed and submitted for Return of Tax Deducted at Source on salary payments. Form 26Q, on the other hand, should be filed and furnished for Return of Tax Deducted at Source details on domestic payments other than salary.