Often, we have heard about these forms from our income tax lawyers or colleagues, and we are advised to fill them out on time. But what are they really? They are simply Income Tax return forms, which every individual has to submit to the Income Tax Department. Generally, the company declares our TDS details in these forms.

TDS refers to Tax Deducted at Source, which is a type of advance tax. A particular tax amount is levied by the government as and when the transaction takes place. In fact, TDS is the amount deducted by the payer and paid to the government. Post TDS payment, each individual has to file a TDS return, where mentioning of the PAN of the payee is mandatory. 

Every company, partnership firm, LLP and people who underwent the Tax Audit in the previous year have the responsibility of deducting TDS from the specified payments they made.FYI, TAN is required for TDS deductions. 

For the mentioned TDS payment, payers have to fill out certain forms for the TDS return. Based on several aspects, these forms have some different features and basic features. For detailed information and features of the forms, continue reading.  Also, noting that the Government authorised Gen TDS E-filing software for TDS returns is suggested frequently across the tax professional community.

Form 24Q:

• This form is required to be filled out for declaring the TDS return details of a citizen.
• The information filled in the form is related to a citizen’s salary payments and the deductions paid for tax.
• The companies and firms are required to produce the declaration and payment of TDS quarterly.
• Details need to be provided, including Deductor, Deductees, Challans, as well as Salary TDS.
• One can download and submit the form online along with the required documents as well or submit it in person/company/organisation. However, there are certain people for whom online form submission is mandatory. They are.
• If the deductor is a Government office
• If the deductor is a company principal officer
• If the deductor is needful of auditing their accounts for the foregoing year under 44AB of the Income Tax Act, 1961.
• If deductees have 20 or more entries in a statement for any quarter of an individual financial year.
•  Along with the Form 24Q, Annexure I and Annexure II are also the forms required to submit. Annexure I needs to be filled in for all four quarters of the year.
• Annexure II has to be filed only for the last quarter of the year.

Form 26Q:

• This form is required to fill up for declaring TDS returns details of an individual. 
• This form is in regard to their payments, except for salary.
• It is needed to fill out for affirmation by people who are living and working in India and Indian citizens. 
• This form is obligatory under subsection (3) of section 200 of the Income-tax Act, 1961. 
• The sections under which the form falls, and can be helpful as the source 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 should be mentioned in the form of whether the deductor is the Government or a non-Government.
• It is mandatory to mention the PAN for non-Government deductors.
• In the case of Government deductors, "PANNOTREQD" is compulsory to mention on the form. Mentioned.

Form 27D:

• The Form 27D is considered a Certificate under section 206C of the Income-tax Act, 1961, for tax collected at source.
• Simply, TCS is the tax that is levied by the Seller on the Buyer of certain goods. The payable amount is deducted from the account of the buyer by the buyer. Otherwise, the buyer pays in the form of a cheque, cash, demand draft or other modes of payment for certain prescribed goods as per Section 206C (1) for business purposes, not for personal use.  
• TCS applies to underwritten goods which are:
• Alcoholic Liquor that is consumed by humans.
• Tendu leaves
• Timber that is obtained from a forest that is under a lease
• Timber obtained from any other forest that is not on the lease.
• Any other produce, rather than timber, tendu leaves, and Scrap from any other forest
• As per the section in the form, goods, buyer, and seller have different definitions based on which certain exemptions are offered on TCS.
• Filed in Challan 281, the TCS Amount is required to be paid within a week from the final day of the month in which tax is expected to be collected. Furthermore, Form 27D also issues a TCS Certificate for the buyers.

Form 27Q:

• This form needs to be filled out for the declaration of TDS returns details of NRIs and foreigners
• This form is related to the payments of foreigners and NRIs who expect a salary.
• Non-Government deductors must quote the PAN in the form.
• For Government deductors, "PANNOTREQD" is required to be mentioned.
• The deductor category needs to be determined depending on Annexure 1.
• If the deductors are the Central Government, the Ministry/Department needs to be mentioned. The same applies to the State Government.
• It is compulsory to fill in all the amount columns. If there is no amount to fill, 0.00 has to be mentioned.
• The Form 27Q falls under the sub-section (3), Section 200 of the Income-tax Act, 1961, as a tax deduction statement for a quarter. 

Form 27EQ:

• It is compulsory to quote the TAN in this form.
• It is a quarterly declaration statement of the collection of (TCS) tax at source.
• The form falls under section 206C of the Income Tax Act.
• Non-Government deductors must quote the PAN in the form.
• For Government deductors, "PANNOTREQD" needs to be mentioned.
• The deductor category needs to be determined as per Annexure 1.
• If the deductors are the Central Government, the Ministry/Department needs to be mentioned. The same applies to the State Government.
• Simply, TCS is the tax that is levied by the Seller on the Buyer of certain goods. The payable amount is deducted from the account of a buyer by the buyer. Otherwise, the buyer pays in the form of a cheque, cash, demand draft or other modes of payment for certainly prescribed goods as per Section 206C (1) for business purposes, not for personal use.  

Form 24Q and 26Q Due Dates:

• Form 24Q is the declaration for TDS from salaries, which is compulsory to be filled out and submitted quarterly by the deductor.
• The due dates for the E-TDS return for both 24Q and 26Q will be as follows.
• For the quarter ending 30th June, the due date 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 E-TDS Annual Returns:

Form 24Q is the E-TDS form for annual returns. In this form, one has to fill in his/her annual return of salaries, and the details like Tax Deduction Account Number, their Permanent Account Number, Employer Name, Employer Category, Office Address, etc. Further details related to the salary paid and the amount of money deducted as a tax on it also need to be disclosed in the form, along with the information such as the tax deducted and paid to the credit of the central government.

The Form 24Q has two annexures-Annexure I and II. Wherein the Annexure I should be filled up with the details, including the deductor, deductees, and challans. The Annexure II, on the other hand, has to be filled with details related to your salary. Annexure I should be filled out and submitted quarterly, whereas Annexure II should be submitted only in the last quarter of each financial year. 

Form 24Q E-Filing:

Every government and corporate collector/deductor needs to submit TDS returns in an electronic form, as do all collectors/deductors who get their accounts audited under section 44AB in the previous financial year.  Using any RPU (Return Preparation Utility), one can file E-TDS returns online. In order to help individuals file their E-TDS, a number of third-party services and software are available in the market. Also, the government of India has released a TDS RPU, which one can download from the NDSL website for filing the E-TDS. 

Form 24Q vs Form 26Q:

For TDS Return on salary payments, the Form 24Q is filed and submitted. On the other hand, Form 26Q is filed and submitted for TDS Return on domestic payments rather than salary.

How GenTDS Software Provides the Best TDS Return Filing Services?
 
GenTDS software, developed by SAG Infotech, offers a simple and effective TDS return filing solution for taxpayers and professionals in India. It simplifies the entire process by automatically calculating amounts, detecting errors, and allowing users to import and export salary, payment, and deduction details. The software is regularly updated with the latest departmental rules and regulations to ensure accurate tax filing.
 
Some of its key features include bulk data uploading, quick form generation, support for Forms 24Q, 26Q, 27Q, and 27EQ, and online correction. It also enables hassle-free e-filing of TDS returns. With its user-friendly interface and reliable technical support, GenTDS becomes an excellent choice for anyone looking to file TDS returns online. View more - https://blog.saginfotech.com/file-tds-return-via-gen-tds-software