Form 26Q

Form 26Q – Income Tax

Forms 26Q must be used to file TDS on salary payments and payments other than salary. Payers or deductors need to submit Form 26Q  to the government along with the collected TDS amount.

 Form 26Q

  • This form has to be filled up for a declaration of a citizen’s TDS returns in detail.
  • This form is based on their payments other than salary.
  • It must be filled up for a declaration by individuals who are living and working in India and are Indian citizens
  • This form is payable under the subsection (3) of section 200 of the Income-tax Act, 1961.
  • 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.
  • The Form must specify whether the deductor is Government or non-Government.
  • It is compulsory to quote the PAN for non-Government deductors.
  • In the instance of Government deductors, “PANNOTREQD” must be specified on the form.

Form 26Q Sample

Quarterly statement of deduction of tax under sub‐section (3) of section 200 of the Income‐tax Act in respect of payments other than salary for the quarter ended (June/September/December/March) Financial Year

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Form 26Q

TDS Deduction

Tax Deducted at Source or TDS is the sum of tax deducted from the income of an individual or a business by the payer.

TDS helps taxpayers clear their tax dues in easy payment as compared to paying a lump sum at the end of the year. It similarly produces constant reserves for the government since TDS is documented on each quarter of the year.

TDS Return Due Date

The due date for filing TDS returns is as follows:

QuarterDue Date for Form 26Q
April to June31st July
July to September31st Oct
October to December31st Jan
January to March31st May

TDS Return Status

TDS return status of the statement filed by the assessee can be checked online by furnishing the PAN NO and the provisional receipt no/Token no.

The penalty for Delay in Filing of TDS Return

  • If a deductor does not document the TDS on the submission date, he/she/they may need to pay a late filling charge.
  • The deductor additionally needs to pay interest collected on the TDS amount in the event that he misses the due date of submission.
  • A huge penalty is collected if a deductor fails to document TDS and store the amount within one year of the genuine due date.

Late Filing of TDS Return

In case an assessee fails to submit the TDS return before the date, he/she be will be liable to pay a penalty of Rs.200 per day till the time the default continues. However, the total penalty computed @200/day should not exceed the total amount of tax deducted.

Non-Filing of TDS Return

A person might be subject to punishment on the off chance that the arrival has not been recorded inside one year from the due date of documenting of return or if incorrect data has been conveyed. The punishment exacted ought not to be under Rs.10,000 and shouldn’t exceed Rs.1,00,000.

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