TDS payment online: How to make it, know all about Forms 24Q, 26Q, 27Q, 27EQ

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Published: February 5, 2019 5:12:38 PM

The Income Tax Department has made it mandatory for corporate and government deductors/ collectors to furnish their TDS and TCS returns in electronic form.

tax deducted at source, TDS, tax collected at source, TCS, TDS return filing, TCS return filine, e-TDS, e-TCS, Form 24Q, Form 26Q, Form 27Q, Form 27EQ, online TDS return, online TCS returnTDS and TCS returns may be furnished physically or electronically depending on status of the deductor.

Any person or entity, while making specified payments to another person (third party), needs to deduct tax (Tax Deducted at Source – TDS) and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of the Government of India. Such persons or entities (both corporate and non-corporate deductors) should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to the Income Tax Department.

On the other hand, sellers of the goods specified u/s 206C of the Income Tax Act need to collect tax at source (Tax Collected at Source – TCS) from the buyer of such goods and deposit the tax at any of the designated branches of the authorised banks.

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TDS and TCS returns may be furnished physically or electronically. However, the Income Tax Department has made it mandatory for corporate and government deductors/ collectors to furnish their TDS and TCS returns in electronic form.

While furnishing e-TDS/TCS returns, deductors are required to furnish a control chart – Form 27A in physical form along with the e-TDS/TCS return either in a CD or Pen Drive.

Form 27A is a summary of e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ), which contains control totals of ‘Amount Paid’, ‘Income tax deducted at source’ & ‘Tax Deposited (Total challan amount)’. The control totals mentioned on Form 27A should match with the corresponding control totals in e-TDS/TCS return file. Form 27A is required to be furnished separately for each e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ).

Form 24Q: This form is used for quarterly filing of TDS returns on payment of salary to Indian citizens by the government or corporates operating in India.

Form 26Q: This form is used for quarterly filing of TDS returns on any payment other than salary to Indian citizens by the government or corporates operating in India.

Form 27Q: This form is used for quarterly filing of TDS returns electronically on any payment other than salary to NRIs and foreigners. Except for government deductors, it is mandatory for all other deductors to mention their PAN in the form.

Form 27EQ: This form is used for quarterly filing of TCS returns on any payment other than salary to NRIs and foreigners. While mentioning TAN is a must for this form, except for government deductors, it is mandatory for all other deductors to mention their PAN as well.

The last dates for filing these quarterly returns are – July 31 for first quarter, October 31 for second quarter, December 31 for third quarter and May 31 for fourth quarter.

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