Every Person (both Corporate and Non-Corporate) making payments specified in Income Tax are required to deduct the tax at source. The Person who is making the payment is called deductor and the person to whom the payment is made is called Deductee
It is the responsibility of deductor to deduct the taxes, pay the taxes to Government and file the TDS returns.
TDS on Payments Other than Salaries to be captured through Form 26Q quarterly statement. Explains TDS on Payments Other than Salaries, applicability, threshold limits, rates of TDS, Time of Deduction, requirements to prepare TDS return and filing.
Form 26Q is one type of TDS Return. Form 26Q is a quarterly Statement of deduction of tax for payments other than Salary.
Following are the section covered in Form 26Q
Form 26Q is required to be filed on quarterly basis. The following are the due dates for filing form 26Q
The following are the details required for Form 26Q filing
Form 16A is the TDS certificate to be issued by deductor to deductee in respect of tax deducted or taxdeposited under above sections. Form 16A should be given by the deductor to deductee within 15days of filing.