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TDS / TCS Return Filing

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  1. 26Q / 26R / 27EQ / 26QB / 26QC / 26QE
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Forms 26Q, 26R, 27EQ, 26QB, 26QC, and 26QE are various forms used for TDS (Tax Deducted at Source) compliance under the Indian Income Tax Act. Each form serves a specific purpose in the TDS process. Here’s an overview of each form:

  1. Form 26Q:
    • Form 26Q is used for the quarterly statement of TDS under Section 200(3) of the Income Tax Act.
    • It is used by the deductor (usually an employer or a person making payments other than salary) to report TDS deductions made on payments like contractor payments, professional fees, interest, rent, etc.
  2. Form 26R:
    • Form 26R is the certificate of TDS under Section 203 of the Income Tax Act.
    • It is issued to the deductee (the person from whose income tax is deducted) by the deductor (the person who deducts TDS) to provide details of TDS deductions made and deposited with the government.
  3. Form 27EQ:
    • Form 27EQ is used for quarterly TDS returns for tax collected at source (TCS) under Section 206C of the Income Tax Act.
    • It is filed by the collector (the person collecting tax at source) to report TCS collected on transactions like sale of goods, sale of motor vehicle, etc.
  4. Form 26QB:
    • Form 26QB is used for the statement-cum-challan for the payment of TDS on sale of property (immovable property).
    • It is used by the buyer of the property to pay TDS on the consideration paid to the seller and to generate the TDS certificate in Form 16B.
  5. Form 26QC:
    • Form 26QC is used for the statement-cum-challan for the payment of TDS on rent.
    • It is used by the tenant to pay TDS on rent paid to the landlord and to generate the TDS certificate in Form 16C.
  6. Form 26QE:
    • Form 26QE is used for the statement-cum-challan for the payment of TDS on payment to non-resident sportsmen/sport associations.
    • It is used by the person responsible for making the payment to non-resident sportsmen/sport associations to pay TDS and to generate the TDS certificate.

These forms play a crucial role in the TDS/TCS compliance process, ensuring that TDS/TCS deductions made by deductors/collectors are accurately reported and deposited with the Income Tax Department. It is essential for deductors/collectors to file these forms within the specified due dates and comply with the TDS/TCS provisions to avoid penalties and consequences.