Form 26Q: How to Download, Due Dates & Penalties
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Form 26Q: How to Download, Due Dates & Penalties

Insurance Basics & Financial Advice There are various modes through which the Government of India collects tax from an individual or company. One such method of tax collection is via deduction of TDS or Tax Deduction at Source. TDS is deducted by various entities other than your employer.

Form 26Q: How to Download, Due Dates & Penalties

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Form 26Q

Form 26Q

What is Form 26Q?

There are various modes through which the Government of India collects tax from an individual or company. One such method of tax collection is via deduction of TDS or Tax Deduction at Source. TDS is deducted by various entities other than your employer.

Once the TDS has been deducted, the entity has to file TDS returns. This TDS return can be filed using Form 26Q. The purpose of this form is to report TDS that has been deducted from income other than salary.

Form 26Q is filed every quarter. The amount that is deducted and paid by the deductor must be the same for the period.

While submitting the form, the deductor must mention the TAN or Tax Deduction or Collection Account Number. If the deductor is a non-government entity, they must mention the PAN and government deductors must mention “PANNOTREQD” on the form 26Q.

Sections under Form 26Q

Section 200 (3) of the Income Tax Act of 1961 states that Form 26Q is to be filed with respect to all other types of deductions other than the salary an individual receives. Here’s a list of Sections that are covered under 26Q:

Sr No Section Description Limit Percentage of Deduction for AY 2024-2025
1 Section 192 TDS will be deducted if the taxable income exceeds the threshold mentioned. TDS will be deducted after this has been crossed.
  • For individuals up to 59 years, Rs 2.5 Lakhs annually.
  • For senior citizens between 60-79 years, Rs 3 Lakhs annually.
  • For Super Senior Citizens, Rs 5 Lakhs annually.
Depending on the income slab
2 Section 192A TDS will be deducted from the employees’ provident fund after exceeding the mentioned limit. Rs 50,000 10
3 Section 193 TDS will be deducted on Interest on Securities when it exceeds the mentioned limit that is earned on the 8% Savings (Taxable) Bonds. Rs 10,000 10
4 Section 193 TDS will be deducted from the interest received on debentures received from the public limited company after exceeding the mentioned limit. The amount should be more than Rs 5000 10
5 Section 194 TDS will be deducted from dividends received from an account. The amount should be more than Rs 5,000 10
6 Section 194A TDS will be deducted on the interest received from a bank, a co-operative society, or a deposit from a post office. The amount paid or payable is more than Rs 40,000. In the case of senior citizens, it should be more than Rs 50,000. 10
7 Section 194A TDS will be deducted from compensation received from the Motor Accident Claims Tribunal above the mentioned limit. The amount received to be more than Rs 50,000 10
8 Section 194A TDS will be deducted when income or interest is received through other modes. The amount received exceeds Rs 5000 10
9 Section 194B TDS will be deducted on winnings from lottery or crossword puzzles above the mentioned limit. The amount won exceeds Rs 10,000 30
10 Section 194BA winnings The amount won exceeds Rs 100 30
11 Section 194BB TDS will be deducted on winnings from horse races above the mentioned limit. The amount won exceeds Rs 10,000 30
12 Section 194C TDS will be deducted from any payment given to contractors.
  • When the amount paid exceeds Rs 30,000 as a single payment
  • When the amount paid as an aggregate exceeds Rs 1 lakh in a financial year
1, if individual or HUF
2, if other than individual or HUF
13 Section 194D TDS is to be deducted from any insurance commission received. The amount exceeds Rs 15,000 5
14 Section 194DA TDS is to be deducted when the payment is received with respect to a life insurance policy. The amount exceeds Rs 1 Lakh 5
15 Section 194EE TDS is to be deducted when payment is received with respect to deposits under the National Savings Scheme, etc. The amount received is more than Rs 2,500 10
16 Section 194G TDS is to be deducted from the commission received on lottery tickets. The amount received is more than Rs 15,000 5
17 Section 194H TDS is to be deducted from any commission or brokerage received. The amount received is more than Rs 15,000 5
18 Section 194I TDS is to be deducted from the rent of plant and machinery or equipment. The amount received is more than Rs 2,40,000 2
19 Section 194I TDS to be deducted on rent of Land and Building or Furniture or fittings. The amount received is more than Rs 2,40,000 10
20 Section 194IA TDS is to be deducted on the sale of immovable property other than agricultural land. The amount received on the immovable property and the stamp duty value is more than Rs 50 lakhs 1
21 Section 194IB TDS is to be deducted from the rent paid per month. The amount paid per month or part of the month exceeds Rs 50,000 5
22 Section 194IC TDS to be deducted with regards to payment received as per any specific agreement.   10
23 Section 194J TDS is to be deducted as payment for professional or technical services. The amount exceeds Rs 30,000 2, if technical services
10, if other than technical services
24 Section 194LA TDS is to be deducted on payment of compensation on the purchase or acquisition of certain types of immovable property. The amount exceeds Rs 2,50,000 10
25 Section 206A Quarterly TDS statement of residents who received income without any deduction of tax.    
 

If TDS is deducted at a lower deduction rate, the payee needs to get a lower deduction certificate.

How to download the form 26Q?

To download Form 26Q for TDS returns, follow these steps:

Details to be mentioned in 26Q

Once you download Form 26Q, you will need to fill in the following details:

  • Visit NSDL’s site at https://www.protean-tinpan.com/.
  • At the top, you will find the “Download” tab. Choose “e-TDS/e-TCS”.
  • Choose quarterly returns.
  • Click on “Regular”.
  • You should see a list of forms available. Choose “Form 26Q”.
  • Download the form.
a. Mention the quarterly return period
  • TAN of the payee
  • PAN of the payee
  • Financial Year
  • Mention Yes/No if 26Q for the same period has been filed or not
  • If yes, mention the toke number
  • Type of deductor
b. Particulars of the Deductor
  • Name
  • If Central/State Government
  • Address, Telephone number, email, GST number
  • Particulars of the Person responsible for deducting the tax, including Address, Telephone number, email
c. Details of tax deducted and paid to the credit of the Central Government:
  • Tax
  • Interest
  • Fee
  • Penalty
  • Total amount deposited as per challan book
  • Mode of deposit
  • BSR Code or receipt number
  • Challan Serial number
  • Date of deposit
  • Minor head of challan
d. Details of the amount paid and tax deducted thereon from the deductees: A deductee-wise breakup needs to be mentioned. This part of the form or annexure will have the following details:
  • BSR code of branch or receipt number
  • Date of deposit of challan
  • Serial number of challan
  • Amount as per challan
  • Total tax to be allocated among deductees as in the vertical total
  • Total interest to be allocated among the deductees mentioned below
  • Name of the deductor
  • TAN
e. Details of the deduction:
  • Deductee reference number, if available
  • Deductee Code (For Company: 01, For Others: 02)
  • PAN of the Deductee
  • Name of the Deductee
  • Section Code
  • Date of payment
  • Amount paid or credited
  • Total Tax deducted
  • Date of deduction
  • Rate of deduction
  • Reason for non-deduction/lower deduction/higher deduction/Threshold/Transporter
  • Number of the certificate under section 197 issued by the Assessing Officer for non-deduction/lower Deduction

The verification section needs to be signed and stamped as well.

Due date of filing 26Q

Form 26Q for TDS needs to be filed every quarter. Based on this, the due date for filing are as follows:

Quarter Months Due Date
Q1 April-June 31st July
Q2 July-September 31St October
Q3 October-December 31St January
Q4 January-March 31st May
 

Penalties for late filing of 26Q

26Q TDS returns need to be filed on time. If not, penalties will be levied.

Section 234E of Income Tax Act 161 states that Rs 200 per day will be charged if firm 26Q is not filed on time. Also, a penalty would be levied for non-filing of form 26Q.

According to Section 271H, if returns aren’t filed within one year of the due date, a minimum penalty of Rs 10,000 and a maximum limit of Rs 1 lakh would be levied.

Interest will also be charged for non-deduction and non-deposition of TDS. An interest of 1% per month or part of the month is charged from the due date of deduction and actual deduction.

1.5% interest will be levied if TDS is not deposited on time between the deduction and deposition dates.

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