TDS Return Filing Form 26Q

TDS & TCS TDS Return Forms
1

Hey,

Is there any interest or penalty for non or late filing of Form 24Q & Form 26Q?

2

Hey @HarshitShah

Yes, in case you have not deposited TDS by the due date, the following penalties might be applicable:

  • Interest (if you do not deposit the TDS amount in time)

  • Late filing fee (if you do not file by the deadline)

  • Penalty (if TDS is not filed within one year of the due date)

Hope this helps!

3

Hi,

Could you also tell me what are form 24, 27 and 27E for?

4

Hey @HarishMehta

Form 24, 27 and 27E are forms to file TDS/TCS returns:

  • Form 24 is to file TDS return detailing Salary Payments

  • Form 27 is to file TDS return detailing Foreign or NRI payment other than salary

  • Form 27E is to file TCS returns

Hope this helps!

5

Pls help how and where can we submit form 27c. Can we submit it online ?

6

Hi @KrishnaAgarwal

7

hi! I have recieved my TDS certificates and wish to file for return.
I am an employee who makes little income from my office (less than 2.5 lakhs annually). However, my TDS is deducted from my income. How do I go about it?
How should I file for my TDS return?

8

Hey @taxpayer, you can file your Income-tax return can claim the tax refund for any excess tax credits available to you.
If your total taxable income is below the basic exemption limit then you won’t have any tax payable.
You can check the total tax credits available to you in your Form 26AS

9

I am a Tenant and rent for my flat is 45000/month. Do I need to pay 5% or 3.75% TDS on this?

10

@Muskan_Balar @Bharti_Vasvani can you help here?

11

Hello @abhaykk90,

As per section 194IB of the income tax act, if you’re liable to deduct TDS on rent paid, the rate applicable will be 5%.

Hope this helps!

12

Hi,
Request guidance on Filing FORM26QC
my Rent since May 2022 is now Rs 50,233 and I just realised as tenant i need to deduct 5% TDS

Questions:

  • Do I deduct 5% every month or once a year (last month of FY, in March)
  • I pay rent on 8th of every month, and since I have cut TDS from May-Sept, is there any fine to be paid?
  • How much TDS should i be depositing with IT Dept till Sept 2022?

Request help

Thomas

13

Hi @t_bovee,

Here are answers to your various questions

  1. TDS has to be deducted every month at 5%.
  2. Deducted TDS has to be deposited within 30 days from the end of the month in which TDS is deducted.
  3. Penalty of 1.5% per month or part thereof will be levied in case of a late deposit of TDS.

However, you can file TDS return 26QC within 30 days from the end of the financial year.

Here’s a read on What is Form 26QC? Who needs to file form 26QC? - Learn by Quicko for your reference. Hope this helps.

1 Like
14

Thank you for the Reply, it helps a great deal

Forr a Rent of 50233, 5% would be Rs 2512, which i deducted and filled the FORM26QC and paid online…
when i check my 26AS, i see the amount as Rs 2386.25 (less 9.5% from paid amount)
would you know what amount is less in my 26AS

15

Hi @t_bovee

It would not be possible for us to tell you the mismatch of amounts, without seeing the documents.
However, for expert assistance with your taxes, here’s how you can Book a MEET.

16

Can I have more clarity on Form 26Q?

Thanks

17

Hi @paliya_hitesh

Here’s read on Form 26Q: TDS on other than Salary - Learn by Quicko for your refrence.

18

Thank you for the reference @Shrutika_Shah

1 Like
19

Hello,

Can I file TDS return form 26QC for deduction of rent on 30 April 2023 (end of the current financial year FY 2022-23)? My total rent payable for FY 2022-23 is over INR 8.5 lakhs and the flat owner is an NRI (so assuming 31.2% is the applicable TDS rate).

Also, please walk me through the detailed process to file this return.

Thanks in advance!

20

Hi @The_Write_Stuff

Since the flat owner is an NRI, it is required to file form 27Q. Also, you are required to deduct TDS every month and the TDS return should be filled quarterly.