TDS Return other than Salary Payments (Form 26Q)
This plan enables you to file your quarterly TDS returns related to all specified payments where TDS is required to be deducted, and return is required to be filed via Form 26Q without any hassles. A delay in filing the returns attracts interest and penalty levied by the Tax Department. Hence, paying TDS within the due date is essential, and subsequent return filing is equally crucial.
It usually takes 3 to 5 working days.
- Registration on TRACES
- Form 26Q upto 10 deductees (1 no.)
- Bulk PAN Verification
- Challan Verification
- Online FVU Generation and Submission
- Generation of Form 16A
- Any individual who is required to make a payment other than salary and has to deduct TDS
- Any organisation such as corporate, partnership firm etc required to make specified payments (other than salary) after deduction of TDS
- Any branch of principal business office
- Purchase of plan
- FIll in the details in the template provided
- Upload documents on vault
- Return form prepared by Tax Expert
- Generation of Form 16 & 16A
- Details of deductor
- Details of responsible person
- Details of deductee
- Challan details
- Deduction details
New TDS Section 194R for TDS on Perquisites and Benefits in Business Parlance!
Sections covered in Form 26Q
- 193 – Interest on securities
- 194 – Dividend
- 194A – Interest other than Interest on Securities
- 194B – Winnings from lotteries and crossword puzzles
- 194BB – Winnings from horse race
- 194C – Payment of contractor and subcontractor
- 194D – Insurance commission
- 194DA – Maturity of life insurance policy
- 194EE – Payment in respect of deposit under national savings scheme
- 194F – Payments on account of repurchase of Units by Mutual Funds or UTI 94F
- 194G – Commission, prize etc., on sale of lottery tickets
- 194H – Commission or Brokerage
- 194I(a) – Rent
- 194I(b) – Rent
- 194J – Fees for Professional or Technical Services
- 194K – Income in respect of units
- 194LA – Payment of Compensation on acquisition of certain immovable property
- 194LBA – Certain income from units of a business trust
- 194LBB – Income in respect of units of investment fund
- 194LBC – Income in respect of investment in securitization trust
- 194N – Payment of certain amounts in cash
- 194O – Payment of certain sums by e-commerce operator to e-commerce participant
- 197A – Details of payment where there is no deduction of tax in certain cases
Details to be mentioned in 26Q
As against 24Q which contains 2 annexures, Form 26Q contains only one annexure. Challan details (BSR code, date of payment, total amount etc.), details of deductor and deductees are to be mentioned. Along with this, if the deductor hasn’t either deducted TDS or deducted it at a lower rate, reasons are also to be mentioned in the form.
Due Date to file Form 26Q
April to June - 31st July
July to Sept - 31st Oct
Oct to Dec - 31st Jan
Jan to Mar - 31st May
Rate of Interest on delayed payment of TDS
If TDS is not deducted – 1% per month, from due date of deduction to actual date of deduction.
Penalties for late filing of Form 26Q
Late Filing Fees – under section 234E, a fine of Rs. 200 per day is to be paid until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount. The penalty under 271H – In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000/-
No penalty will be charged under 271H if –
- TDS is deposited to the government
- Late filing fees and interest (if any) is also deposited,
- Return is filed before expiry of 1 year from due date
Remember these points
- Verify all the PAN numbers,
- Verify the challans, and try to match them through OLTAS or NSDL
- Signed Form-27A is to be filed with the TDS return
Q. What is TDS in salary and other payment?
TDS, or Tax Deducted at Source, is a tax levied by the Indian government wherein taxes are collected based on 'pay as you get'. The taxes are deducted at payment sources such as salary paid to an employee or other commissions earned by a broker. The employer deducts the taxes before making the payment to the employee and is deposited with the govt. The employer later issues form 16 to its employees and form 16B to other deductees, which serves as proof of tax payment in their hands.
Q. Is their any interest and penalty for non or late filing of Form 24Q & Form 26Q?
In case you have not deposited TDS by the due date, the following penalties are applicable:
👉 Late filing fee (if you do not file by the deadline)
👉 Interest (if you do not deposit the TDS amount in time)
👉 Penalty (if TDS is not filed within one year of the due date)
Q. Do all deductors require to quote their PAN?
It is compulsory to quote the PAN for non-Government deductors, whereas "PANNOTREQD" has to be mentioned on the form in the case of Government deductors.
Q. What is form 26Q?
Form 26Q is submitted for TDS details on all payments other than salary every quarter by the deductor. Form 26Q is applicable for TDS deducted under section 200(3) of the Income Tax Act for TDS under sections 193 & 194 being interest on securities, Dividend securities, professional fees, directors' remuneration etc.
Q. When is online return mandatory?
For certain people, it is compulsory to submit the quarterly return online if the deductor is: A Government office A company’s principal officer Assessee who Is required to have their accounts audited for the prior year under 44AB of the Income Tax Act, 1961. Suppose there are 20 or more records of deductees in a statement for any quarter of a particular financial year. TAXAJ Experts will guide you on the same.