The Tax Deducted at the source is the tax that is collected by the government at the time when a transaction is taking place. Hence, the TDS is deducted at the time when the money is credited to the payee’s account or at the time of the payment whichever event occurs earlier.
Who is eligible for TDS return filing in Punjab?
TDS Return filing in Punjab is done by Organizations or employers who have a Tax collection and deduction number (TAN). Hence, the individual making payments under the Income Tax Act is required to deduct the TDS.The TDS is to be deposited within a specified time for the payment. The people earning income from the following sources are eligible for TDS filing in Punjab.
Due to filing TDS return filing in Punjab
|Quarter||Period||The due date for Filing Form 27Q|
|Q1||1st April - 30th June||On or before 31st July|
|Q2||1st July - 30th September||On or before 31st October|
|Q3||1st October - 31st December||On or before 31st January|
|Q4||1st January - 31st March||On or before 31st May|
TDS Return Form
TDS return filing in Punjab is done depending on the income of the deductee or the type of deductee who pays the TDS.
TDS Form 24 Q - An employer has to file a TDS return Form 24Q which has to be submitted every quarter. The details of the salary paid to the employees and the deducted TDS from the payment have to be specified in Form 24Q. It is the quarterly statement of the payment to the employees and the TDS deducted that is deducted from the salary by the deductor.
TDS Form 26 Q-When the taxpayer pays the taxes, then the payee deducts the TDS on certain occasions. TDS Return filing is made in Form 26 Q is used to file the TDS details on the payments made other than salary. This Form mentions the total amount that is paid during the quarter and the TDS amount that is deducted. Form 26Q needs to be submitted every year.
TDS Form 27 EQ - This Form includes the details about tax that is collected at the source. This Form has to be filed every quarter. The Form has to be submitted by both the corporate and the government collectors and deductors.
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