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Form 24Q:

This form has to be filled up for declaration of a citizens TDS returns in detail.
The form information is based on a citizens salary payments and the deductions made
for tax.
The declaration and payment is to be made quarterly by companies and firms in India.
Details such as Deductor, Deductees, Challans as well as Salary TDS have to be
provided.
The form can be downloaded and submitted online along with the required documents as
well as submitted in person/company/organization.
However, for certain people, it is compulsory to be submitted online. This includes:
If the deductor is a Government office
If the deductor is a companys principal officer
If the deductor is required to have their accounts
Audited for the prior year under 44AB of the Income Tax Act, 1961.
If there are 20 or more records of deductees in a statement for any quarter
of a particular financial year.
Annexure I and Annexure II are also forms that require submission along with this form.
Annexure I has to be filled in for all four quarters of the year.
Annexure II needs to be filed only for the final quarter of the year.

Form 26Q:
This form has to be filled up for declaration of a citizens TDS returns in detail.
This form is based on their payments other than salary.
It has to be filled up for declaration by people who are living and working in India and
are Indian citizens.
This form is payable under the sub - section (3) of section 200 of the Income tax Act,
1961.
The sections under which the form is based on, and can be used for reference to fill in the
declaration form include sections 193, 194, 194A, 194BB, 194C, 194D, 194EE, 194F,
194G, 194H, 194I, 194J, 194LA and rule 31A.
It needs to be indicated in the form whether the deductor is 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. Mentioned.

Form 27D:
This is a Certificate under section 206C of the Income-tax Act, 1961 for tax that is
collected at source.
TCS is basically the tax that is collected by Seller from Buyer of certain goods when
debiting the amount payable to the account of buyer by buyer or when receiving the
amount from the buyer in the form of cheque, cash, demand draft or other modes of
payment for selling certain prescribed goods as per the Section 206C (1) for the purpose
of business and not for personal use.
TCS is chargeable, as mentioned in the form for:
Alcoholic Liquor that is meant to be consumed by humans.
Tendu leaves
Timber obtained from a forest which is under a lease
Timber that is obtained from any other forest that is not on lease.
Any other forest produce other than timber and tendu leaves, and Scrap
There are certain exemptions for TCS based on goods, buyer and seller definitions as per
the section in the form.
TCS Amount is paid and filed in Challan 281 within a week from the final day of the
month in which tax is supposed to be collected. TCS Certificate in Form 27D is issued to
Buyer.

Form 27Q:
This form has to be filled up 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 compulsory for non-Government deductors to mention the PAN in the form.
For Government deductors, "PANNOTREQD" has to be mentioned.
The deductor category needs to be indicated based on the Annexure 1.
If the deductors are Central Government, the Ministry/Department has to be mentioned.
The same goes for the State Government.
It is mandatory to fill in all the amount columns. If an amount is not applicable, 0.00 has
to be mentioned.
This is a quarterly tax deduction statement under the sub?section (3), Section 200 of the
Income?tax Act, 1961.

Form 27EQ:
It is mandatory to mention the TAN in this form.
The declaration is a Quarterly statement of collection of (TCS) tax at source.
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.
The deductor category needs to be indicated based on the Annexure 1.
If the deductors are Central Government, the Ministry/Department has to be mentioned.
The same goes for the State Government.
TCS is basically the tax that is collected by Seller from Buyer of certain goods when
debiting the amount payable to the account of buyer by buyer or when receiving the
amount from the buyer in the form of cheque, cash, demand draft or other modes of
payment for selling certain prescribed goods as per Section 206C (1) for the purpose of
business and not for personal use.
Form 24Q and 26Q Due Dates
Form 24Q is a statement for TDS from salaries, which must be filled and submitted by the
deductor on a quarterly basis.
For the quarter ending 30th June, the E-TDS return due date for both 24Q and 26Q will be July
31. For the quarter ending 30th September, the due date will be 31st October. For the quarter
ending 31st December, the due date will be 31st January. For the quarter ending 31st March, the
due date will be 31st May.

Form 24Q E-TDS Annual Returns


Form 24Q has to be filled in to file your annual return of salaries, and the details that have to be
entered in the form include your Tax Deduction Account Number, your Permanent Account
Number, the name of your employer, the category under which your employer falls, the business
address of your employer, etc. A number of details with regards to the salary paid and the
amount of money deducted as tax on it will also have to be disclosed in the form, as well as
information regarding the tax deducted and paid to the credit of the central government.
There are two annexures in Form 24Q Annexure I and II. While the first annexure should be
filled up with information regarding the deductor, deductees and challans, the second must be
filled with details regarding your salary. The first annexure should be filed and submitted each
quarter of the year, while the second should be submitted only during the last quarter of each
financial year.

Form 24Q E-Filing


Every government and corporate collector / deductor is required to submit TDS returns in an
electric form, as are all collectors / deductors who get their accounts audited under section 44AB
in the previous financial year.
E-TDS returns can be filed online using any RPU (Return Preparation Utility). A number of third
party services and softwares can available to help individuals file their E-TDS return. The
government of India has also released a TDS RPU which can be downloaded from the NDSL
website to facilitate the filing of E-TDS.

Difference between Form 24Q and Form 26Q


Form 24Q should be filed and submitted for Return of Tax Deducted at Source on salary
payments. Form 26Q, on the other hand, should be filed and furnished for Return of Tax
Deducted at Source details on domestic payments other than salary.

Audit for Businesses


Starting financial year FY 2016-17 (income tax return filing for AY 2017-18), the turnover limit
for businesses which can opt for presumptive income scheme has been increased from Rs 1 crore
to Rs 2 crore. For financial year FY 2016-17, audit will apply for businesses with turnover
in excess of 2 crore.

Audit for Professionals


Starting financial year FY 2016-17 (return filing for AY 2017-18), presumptive income scheme
has been extended to professionals with receipts up to Rs 50 lakhs. Under this scheme, their
income is assumed to be 50% of receipts. Books of accounts are not required to be maintained
and audit is not applicable.
Starting financial year FY 2016-17, the turnover limit for audit for professionals continues
to be 25lakhs. There is no amendment to Section 44AB. There is no change in audit
requirement for professionals NOT covered under presumptive scheme.