“Form 26Q”

Introduction to Form 26Q

Form 26Q is a form used in India for filing and paying taxes on TDS (Tax Deducted at Source). TDS deductions are applicable for a variety of payments like salary paid to employees, contractors, commission, professional fee, rent, and so on. Every company or individual that deducts TDS has to file Form 26Q with the Government. This form contains the details of tax deducted, the tax period in which the deductions were done, the person who received the payments, and other details as specified by the Indian Income Tax Act 1961. All details in Form 26Q must be carefully filled in and submitted according to the specified due date.

Filling Process of Form 26Q

Form 26Q must be filled accurately and submitted online on the e-TDS/TCS portal run by the Income Tax Department. Taxpayers need to register on the portal and create a user ID and password before filing returns.

What is the Due Date of Filing this Form 26Q?

The due date of filing Form 26Q is the last day of seven months from the last day of the tax period for which the TDS amounts have been deducted.

FAQs

How do I register for online filing of Form 26Q?

To register for online filing of Form 26Q, taxpayers need to go to the e-TDS/TCS portal run by the Income Tax Department. They must submit an application form along with supporting documents, such as PAN and company registration or Certificate of Incorporation. Once the application isapproved, taxpayers will be issued a 14-digit TAN (Tax Deduction and Collection Account Number). This TAN must be used for filing Form 26Q.

What types of payments are covered under Form 26Q?

Form 26Q is used for filing and paying taxes on TDS deductions from a variety of payments, such as salary payments to employees, payments to contractors, commission payments, professional fees, rent payments, and so on.

Can I revise Form 26Q after submitting it?

Yes, it is possible to revise Form 26Q after submission. Taxpayers can go to the e-TDS/TCS portal and revise their return within one month from the date of filing. However, the revised return must include all the details and adjustments from the original return.

Also See: Form 26AS