Tax Deducted at Source (TDS) is a crucial component of India’s taxation framework that ensures timely collection of taxes at the source of income generation. Filing TDS returns online is a mandatory compliance responsibility for all deductors including employers, companies, contractors, and business entities. The TDS return must be filed quarterly using specific forms depending on the nature of the transaction and the deductee.
This detailed guide will walk you through the online filing process of major TDS forms—Form 24Q, 26Q, 27Q, and 27EQ. Understanding these forms and filing procedures will help you remain compliant and avoid penalties.
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Overview of Major TDS Return Forms
- Form 24Q: TDS on salary payments (Section 192)
- Form 26Q: TDS on all payments other than salaries made to residents
- Form 27Q: TDS on payments made to non-residents
- Form 27EQ: Statement for Tax Collected at Source (TCS)
Each form serves a specific purpose and must be filed on or before the due date for the respective quarter. Let’s now explore each in detail and explain how to file them online.
Form 24Q – TDS on Salaries
Form 24Q is filed by employers to report the TDS deducted on salaries paid to employees under Section 192 of the Income Tax Act. It has two annexures:
- Annexure I: Details of tax deducted and deposited every quarter
- Annexure II: Salary details of each employee (submitted only in Q4)
Steps to File Form 24Q Online:
- Prepare the return using the Return Preparation Utility (RPU) provided by NSDL.
- Validate the file using the File Validation Utility (FVU).
- Upload the validated file on the TRACES portal or through the TIN-NSDL portal using your TAN credentials.
- Once uploaded, download the Acknowledgment (Form 27A).
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Form 26Q – TDS on Non-Salary Payments
This form is used to file TDS returns for all payments made to resident parties excluding salary, such as:
- Contractors (Section 194C)
- Professional fees (Section 194J)
- Commission payments (Section 194H)
- Rent (Section 194I)
- Interest (Section 194A)
Steps to File Form 26Q Online:
- Collate challan details and deductee-wise information.
- Use RPU to generate .txt file and validate with FVU.
- Upload the return via TIN-FC or through the NSDL online portal.
- Track status and download the acknowledgment after submission.
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Form 27Q – TDS on Non-Resident Payments
Form 27Q is applicable for payments made to Non-Resident Indians (NRIs) or foreign companies. This includes interest, dividends, royalties, and technical fees subject to TDS.
Important Points:
- Applicable under Section 195 and other relevant non-resident sections
- PAN of the deductee is mandatory
- Applicable for transactions in foreign currencies
Online Filing Procedure:
- Prepare return using RPU specific for Form 27Q
- Validate through FVU
- Upload using TDS Reconciliation portal or NSDL e-Gov
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Form 27EQ – TCS (Tax Collected at Source)
Form 27EQ is used to furnish details of tax collected at source under various provisions (e.g., sale of alcohol, tendu leaves, scrap, e-commerce transactions). Applicable both for corporate and non-corporate collectors.
Filing Process:
- Prepare return file with party-wise TCS details
- Validate through FVU provided by NSDL
- Upload via TIN-NSDL portal
- Download Form 27A acknowledgment
Form 27EQ must be submitted quarterly, just like TDS forms, to maintain accurate TCS ledgers and allow credit to buyers.
Due Dates for TDS Return Filing
| Quarter | Period | Due Date |
|---|---|---|
| Q1 | April to June | 31st July |
| Q2 | July to September | 31st October |
| Q3 | October to December | 31st January |
| Q4 | January to March | 31st May |
Penalties for Late Filing
- Late filing fee under Section 234E: ₹200 per day till return is filed
- Penalty under Section 271H: ₹10,000 to ₹1,00,000
- Interest on late payment of TDS: 1.5% per month
Avoiding late filing is critical for compliance and for ensuring deductees get credit of TDS. Avoid penalties by ensuring timely return filing with expert help from OurTaxPartner.com.
Conclusion
Whether you are an employer filing salary deductions, a contractor managing supplier payments, or a business owner dealing with foreign clients, TDS return filing is not optional. It’s a mandatory part of your tax responsibility and has to be done with precision.
If you are unsure about the correct form or struggling with bulk data preparation, get professional support today. OurTaxPartner.com offers expert-managed TDS compliance services for Form 24Q, 26Q, 27Q, and 27EQ for businesses across Kerala and India.
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