TDS Return Form 26Q
26Q TDS Return form is important for taxpayers who deduct tax at source. To meet legal compliance, taxpayers who deduct tax at source on payments other than salaries have to file a 26Q every quarter. This form promotes transparency and keeps a track record of tax regulations. There are various sections covered under the 26Q, which contain TDS deductions and payments made by the deductor. This article is a complete guide for you to know about the filing procedure, details, late fees and interest, and due dates to file Form 26Q, a TDS return on non-salary payments. File your TDS/TCS returns now.
Various Sections under 26Q
| Sections | Details |
| 193 | Interest on securities |
| 194 | Dividend |
| 194A | Interest other than interest on securities |
| 194B | Winnings from lotteries and crossword puzzles |
| 194BB | Winnings from a horse race |
| 194C | Payment of the contractor and subcontractor |
| 194D | Insurance commission |
| 194DA | Maturity of a life insurance policy |
| 194EE | Payment in respect of the deposit under the national savings scheme |
| 194F | Payments on account of the repurchase of units by mutual funds |
| 194G | Commission, prize on the sale of lottery tickets |
| 194H | Commission or brokerage |
| 194I (A) 194I (B) | Rent Rent |
| 194J | Fees for professional or technical services |
| 194K | Income concerning units |
| 194LA | Payment of compensation on the acquisition of certain immovable property |
| 194LBA | Certain income from units of a business trust |
| 194LBA | Income in respect of units of investment funds |
| 194LBc | Income in respect of investment in a securitization trust |
| 194N | Payment of certain amounts in cash |
| 194O | Payment of certain sums by e-commerce operators to e-commerce participants |
| 194Q | TDS on the purchase of goods |
| 194R | TDS on benefit or perquisite in respect of business or profession |
| 194S | TDS on the transfer of virtual digital assets |
| 197A | Details of payment where there is no deduction of tax in certain cases |
Late Fee & Interest on 26Q
The late filing fee for the TDS returns forms is Rs 200 for each delayed day until the person liable to pay TDS clears the amount. The maximum TDS could be equivalent to the amount payable as TDS, not more than this.
An assessing officer could charge a penalty of a minimum of Rs 10,000 and a maximum of Rs 1,00,000 under section 271H.
If the TDS is not deducted, it attracts interest at the rate of 1%, and if the TDS is deducted but not deposited yet, in such a case, it attracts interest at the rate of 1.5%.
If TDS deductors have not deducted the payment or deducted at a comparatively lower rate, reasons for the same have to be intimated to the authorities through the form.
Due Dates to File TDS Return Form 26Q
| Quarter | Period | Due Date |
| 1st | 1st April to 30th June | 31st of July |
| 2nd | 1st July to 30th September | 31st October |
| 3rd | 1st October to 30th December | 31st of January |
| 4th | 1st January to 31st of March | 31st of May |
Connect with TaxDunia to ensure that your business meets all legal compliance. We specialize in finance and taxation. Our team is dedicated to nation-building by optimizing plans for growing businesses and offering personalized tax-saving techniques. Let us start working today.
