TDS/TCS Return Forms, Due Dates

Continuing from the previous post on TDS/TCS, this post throws light on the TDS/TCS Return forms and due dates as below:

TDS Returns Forms:

Following are the returns for TDS and TCS and their periodicity:

Form No Particulars Periodicity
Form 24 Annual return of “Salaries” under Section 206 of   Income Tax Act, 1961 Annual
Form 26 Annual return of deduction of tax under section 206 of   Income Tax Act, 1961 in respect of all payments other than   “Salaries” Annual
Form 27 Statement of deduction of tax from interest, dividend or   any other sum payable to certain persons Quarterly
Form 27E Annual return of collection of tax under section 206C of   Income Tax Act, 1961 Annual
Form 24Q Quarterly statement for tax deducted at source from   “Salaries” Quarterly
Form 26Q Quarterly statement of tax deducted at source in respect   of all payments other than “Salaries” Form 26Q
Form 27Q Quarterly statement of deduction of tax from interest,   dividend or any other sum payable to non-residents Form 27Q
Form 27EQ Quarterly statement of collection of tax at source Form 27EQ

TDS/TCS Returns – Due Dates:

The due dates for filing quarterly TDS returns, both electronic and paper are as under:

Quarter Due Date for Form Nos. 24Q   & 26Q Due Date for Form No. 27Q Due Date for Form No. 27EQ
April to June 15 July 15 July 15 July
July to September 15 October 15 October 15 October
October to December 15 January 15 January 15 January
January to March 15 May 15 May 15 May

TCS Returns – Forms

The relevant forms for filing the eTCS return are:

  • Annual – Form No. 27E, 27B (Control Chart)
  • Quarterly- Form No 27EQ, 27A.

Sources:

https://www.tin-nsdl.com/etds-etcs/faq-etdsfurnishing.php

http://www.incometaxindia.gov.in/etds_faqs.asp

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For a detailed advise, you can contact info@onlineitreturn.com or visit www.onlineitreturn.com. OnlineITreturn.com is an online portal for efiling your income tax return and advise, consultancy on taxation matters including Service Tax, TDS. All taxation matters are handled by Chartered Accountants.

TDS/ TCS – Introduction

TDS, TCS return filing service

eTDS return, eTCS return services by our network of Chartered Accountants

TDS Return – Introduction

TDS stands for tax deducted at source. It is the primary mechanism by which the Government of India collects Income Tax. Under this scheme tax is deducted at the source of income e.g. tax deducted from salary by employer or tax deducted from interest on bank savings account by banks.

Relationship between TDS/TCS, Form 26 AS and Filing of return of income

The tax deducted as such is then to be deposited with the Central Government on a regular basis. The recipient from whom tax is deducted, gets the credit for the amount deposited, during the assessment of his income based on the certificate issues by the depositor. Form 26 AS of each assessee shows the tax credit history (TDS deposited) for each assessee as per the Income Tax Department records.   Where TDS is not deposited the credit claimed by the assessee will be rejected subject to certain conditions. Hence, the requirement for each individual assessee to check their Form 26 AS before filing their return of income.

TDS

Entities (both corporate and non-corporate deductors) making payments (specified under Income Tax Act) to third parties (deductees) are required to deduct tax at source (Tax Deducted at Source -TDS) from these payments and deposit the same at any of the designated branches of banks authorised to collect taxes on behalf of Government of India. They should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to ITD.

TCS

TCS means collection of tax at source by the seller (collector) from the buyer (collectee/payee) of the goods (specified u/s 206C of Income-tax Act, 1961, like timber obtained under forest lease, scrap, any other forest produce not being timber or tendu leaves etc.,). For e.g. if purchase value of goods is Rs.10,000/-, the buyer will pay an amount of Rs.10,000/- + X (X being the value of TCS as prescribed under Income-tax Act, 1961) to the seller. The seller will deposit the tax collected at source (TCS) at any of the designated branches of the authorised banks.

Sources:

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This article is brought to you by Bhawna Mehta for onlineITreturn.com

For a detailed advise, you can contact info@onlineitreturn.com or visit www.onlineitreturn.comOnlineITreturn.com is an online portal for efiling your income tax return and advise, consultancy on taxation matters including Service Tax, TDS. All taxation matters are handled by Chartered Accountants.