TDS or Tax Deducted at Source is a type of advance tax that is deducted by the tax deductor before making the payment to the deductee. It is tax deductor responsibility to deposit the TDS amount to the Government of India and file TDS Return for the same.
File your TDS and TCS Return
TCS or Tax Collected at Source is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer.
Here are the various forms that a taxpayer can use while filing TDS or TCS Return.
Form 24Q is required to be filed for the declaration of citizen’s detailed TDS return. This form is generally filed on the basis of a taxpayer’s salary and the tax paid by him for the same. Details of Deductor, Deductees, Challans as well as Salary, TDS have to be provided while filing TDS Return using Form 24Q.
Form 26Q is required to be filed for the declaration of citizen’s detailed TDS Return. This is usually filed on the basis of a taxpayer’s payments other than salary. This is required to be filed by those who are living and working in India. It is important for the deductor to mention whether they are 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.
Form 27D is a certificate under section 206C, under Income Tax Act for the tax collected at source. TCS Certificate in Form 27D is issued to the buyer.
The Form 27Q has to be filed 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 mandatory for the non-Government deductors to mention the PAN in the form 27Q. For Government deductors, “PANNOTREQD” has to be mentioned in the Form.
The Form 27EQ is used by the taxpayers to file their TCS return. It is mandatory to mention the TAN number while filing this Form. 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 on the Form.