What is Form 24Q, 26Q, 27Q, 27EQ, 27D in India

Form 24Q

• In order to declare an individual’s returns in detail, one has to complete this form.
• The data is based on the person’s salary payments and tax deductions given.
• The report is made on a quarterly basis by the firms and companies in India.
• Personal details of the deductor, deductee, challan, and salary TDS should be provided.
• The form is downloaded and submitted online accompanies with required documents presented in a person, company or an organisation.
• If the deductor is a government office, company’s principal officer, then the form is mandatorily required to submit the form online. Further, the form should be submitted online if the accounts are audited for the prior year under 44AB of the Income Tax Act, 1961 or when there are 20 or more records in a statement of the deductees for a quarter in a financial year. Submission of Annexure 1 and II also require online submission.
• However, Annexure II will be only filed in the last quarter of the financial year.

Form 26Q

• This form is mandatory for making a declaration of the person’s details of TDS returns.
• This takes payments other than salary into consideration.
• This disclosure is required to be submitted by any person living in India or is an Indian citizen.
• The form applies under subsection 3 of section 200 of Income Tax Act, 1961.
• The form is filled as a declaration based on other articles for reference including section 193, 194 I, 194 J, 194 LA, 194 C, 194 D, 194 EE, 194 F, 194 G, 194H, 194, 194A, 194BB and rule 31A.
• The form should reflect the type of deductor, government or non-government.
• The non-government deductors have to submit their PAN necessarily.
• For government deductors, “PANNOTREQD” should be mentioned.

Form 27D

• This form is applicable under section 206C of Income Tax Act 1961.
• It shows the tax collected from the buyer by the seller while debiting the amount payable to the buyers account or while receiving an amount from the purchaser in cash, cheque, DD or any other mode of payment. This is basically for the payment of goods sold U/S 206C (1) for business purposes.
• The TCS, as per the form is chargeable on tendu leaves, timber obtained from the forest under lease or not on a lease, forest produces other than tendu leaves or timber or scrap.
• From the final day of the month by which taxes had to be collected, the TCS is paid and filed in challan 281. The form 27D TCS form is issued to the buyer.

Form 27Q

• This is a form declaring the TDS returns by NRI and foreigners in detail.
• It is for the payments of NRI and foreigners except for salary income.
• The non-government deductors have to fill the PAN details mandatorily.
• Government deductors will mention “PANNOTREQD”.
• Based in Annexure 1, the deductor category will be indicated.
• One should fill all the amount columns. If not applicable, mention 0.00.
• The statement shows quarterly tax deduction under subsection 3 of section 200 of Income Tax Act 1961.

Form 27EQ

• Firstly, mention the TAN in the form.
• It shows a declaration of quarterly statement of TCS collection at source.
• The form is mandatory U/S 206C of the Income-tax Act 1961.
• The non-government deductors have to fill the PAN details mandatorily.
• Government deductors will mention “PANNOTREQD”.
• Based in Annexure 1, the deductor category will be indicated.
• TCS is actually a tax which is collected by the selling person from the buyer on some goods while debiting the amount to be paid by the buyer or when receiving an amount from customer be it in any form cash, cheque, DD or some other mode of payment. The specified goods holding the same applicability are mentioned U/S 206 (1) for business purposes only.