Specified payments which require deduction of Tax at source are as follows:-
- Salary
- Interest paid by banks on deposits
- Income by way of “ Income from securities”
- Insurance Commission
- Payment of rent on immovable property or movable assets
- Commission or brokerage
- Payment towards work performed under a contract
- Payment towards professional and technical services
- Income from winning horse races, lottery, puzzles etc.
- Payment in respect of National Saving Scheme etc.
- Payment in respect of Life Insurance Policy
The deductor shall obtain a valid TAN (Tax Deduction and Collection Account Number) before making a deduction of tax. The deductor shall then furnish a TDS return on quarterly basis electronically on TRACES portal on or before the due date. If the deductor fails to file TDS returns timely, the deductor will be liable to pay late fees and penalty. Following is the category of persons who are required to obtain a TAN and furnish TDS return every quarter:-
- Company, LLP and Partnership Firms
- Trusts
- Individuals whose accounts are audited u/s 44AB
- Persons holding an office under the Government
TDS Return Filing Forms
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Prescribed Form
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Purpose of the Form
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Form- 24Q
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Quarterly statement of tax deducted at source from “Salaries”
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Form-26Q
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Quarterly statement of tax deducted at source from payments other than salaries
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Form-26QB
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Challan cum statement of deduction of tax u/s 194IA i.e. TDS deducted on consideration towards sale of immovable property exceeding Rs. 50 lakhs
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Form-26QC
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Challan cum statement of deduction of tax u/s 194IB i.e. TDS to be deducted by Individual or HUF on payment of rent in excess of Rs. 50,000
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Form-27Q
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Quarterly statement of deduction of tax in respect of payments other than salary to non residents
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Form-27EQ
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Quarterly statement of collection of tax at source under section 206C of the Income Tax Act
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Due Date of Filing TDS Return
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Prescribed Form
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Due date of filing
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Form- 24Q, 26Q, 27Q
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Quarter-I: 31st July
Quarter-II: 31st October
Quarter-III: 31st January
Quarter-IV: 31st May
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Form-26QB
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Within 30 days from the end of the month in which Tax has been deducted at source
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Form-26QC
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Within 30 days from the end of the month in which Tax has been deducted at source
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Form-27EQ
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Quarter-I: 15th July
Quarter-II: 15th October
Quarter-III: 15th January
Quarter-IV: 15th May
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