Whoever said wishes don’t come true hasn’t explored our offers!
  • What are Form 24Q, 26Q, 27Q, 27EQ, 27D?

    We have often been asked by our income tax lawyers or colleagues to fill in these forms in time. But what are they really? They are simply income tax return forms that have to be submitted to the Income Tax Department for any citizen. In these forms the company needs to generally declare our TDS in detail.

    TDS stands for Tax Deducted at Source. It is considered as a type of advance tax. The government gets a particular tax amount as and when the transaction is made. TDS includes the amount which is subtracted by the payer and paid to government. The individual has to file TDS return after paying TDS where he or she has to mention the PAN of the payee.

    For TDS deductions to be made the TAN is required. Normally, every company, partnerships firms, LLP and people who get coverage under the Tax Audit in the prior year have the liability to deduct the TDS from the specified payments that they make.

    For these declarations of payment certain forms have to be filled in by people for TDS. They have some distinguishing and basic features and are based on various factors. Read on to understand these forms in detail and their features.

    Form 24Q:

    • This form has to be filled up for declaration of a citizen’s TDS returns in detail.
    • The form information is based on a citizen’s salary payments and the deductions made for tax.
    • The declaration and payment is to be made quarterly by companies and firms in India.
    • Details such as Deductor, Deductees, Challans as well as Salary TDS have to be provided.
    • The form can be downloaded and submitted online along with the required documents as well as submitted in person/company/organization.
    • However, for certain people, it is compulsory to be submitted online. This includes:
      • If the deductor is a Government office
      • If the deductor is a company’s principal officer
      • If the deductor is required to have their accounts
      • audited for the prior year under 44AB of the Income Tax Act, 1961.
      • If there are 20 or more records of deductees in a statement for any quarter of a particular financial year.
    • Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year.
    • Annexure II needs to be filed only for the final quarter of the year.

    Form 26Q:

    • This form has to be filled up for declaration of a citizen’s TDS returns in detail.
    • This form is based on their payments other than salary.
    • It has to be filled up for declaration by people who are living and working in India and are Indian citizens.
    • This form is payable under the sub - section (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.
    • It needs to be indicated in the form whether the deductor is Government or non-Government.
    • It is compulsory to quote the PAN for non-Government deductors.
    • In the case of Government deductors, "PANNOTREQD" has to be mentioned on the form. Mentioned.

    Form 27D:

    • This is a Certificate under section 206C of the Income-tax Act, 1961 for tax that is collected at source.
    • TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per the Section 206C (1) for the purpose of business and not for personal use.
    • TCS is chargeable, as mentioned in the form for:
      • Alcoholic Liquor that is meant to be consumed by humans.
      • Tendu leaves
      • Timber obtained from a forest which is under a lease
      • Timber that is obtained from any other forest that is not on lease.
      • Any other forest produce other than timber and tendu leaves, and Scrap
    • There are certain exemptions for TCS based on goods, buyer and seller definitions as per the section in the form.
    • TCS Amount is paid and filed in Challan 281 within a week from the final day of the month in which tax is supposed to be collected. TCS Certificate in Form 27D is issued to Buyer.

    Form 27Q:

    • This form has to be filled up for declaration of TDS returns in detail by NRIs and foreigners
    • This form is based on the payments of foreigners and NRIs other than salary.
    • It is compulsory for non-Government deductors to mention the PAN in the form.
    • For Government deductors, "PANNOTREQD" has to be mentioned.
    • The deductor category needs to be indicated based on the Annexure 1.
    • If the deductors are Central Government, the Ministry/Department has to be mentioned. The same goes for the State Government.
    • It is mandatory to fill in all the amount columns. If an amount is not applicable, 0.00 has to be mentioned.
    • This is a quarterly tax deduction statement under the sub?section (3), Section 200 of the Income?tax Act, 1961.

    Form 27EQ:

    • It is mandatory to mention the TAN in this form.
    • The declaration is a Quarterly statement of collection of (TCS) tax at source.
    • The form is made under the section 206C of the Income Tax Act.
    • It is compulsory for non-Government deductors to mention the PAN in the form.
    • For Government deductors, "PANNOTREQD" has to be mentioned.
    • The deductor category needs to be indicated based on the Annexure 1.
    • If the deductors are Central Government, the Ministry/Department has to be mentioned. The same goes for the State Government.
    • TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per Section 206C (1) for the purpose of business and not for personal use.

    News about Form 24Q, 26Q, 27Q, 27EQ, 27D

    • IT Department makes Submission of Travel Proof Mandatory for LTA Tax Deductions

      The Income Tax Department has now made it mandatory for all salaried taxpayers to provide proof of their travel while claiming for tax deductions on LTA or LTC. Deductions on LTA or LTC will now have to be claimed via a new form that the IT Department has introduced for salaried employees. The employee will be required to provide proof of expenditure on travel to their employees should they wish to claim tax deductions on leave travel allowance and concessions as per Chapter VI-A. The Central Board of Direct Taxes (CBDT) has also introduced a new form (Form 12BB) which employees will be required to fill up and submitted to their employers containing any evidence with regards to House Rent Allowance (HRA) provided the amount is more than Rs 1 lakh over the course of an assessment year. Employees will have to furnish details such as name, address and PAN number of the landlord, while claims on deductions on interest on home loan will require details such as name, address and PAN number of the lender.Also Form 24Q, 26Q and 27Q filling TDS Returns quarterly extended by 15 days.

      24th May 2016

    TAX
    Forms:
  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.