Form 26Q – TDS on non-Salary Payments
Form 26Q is a quarterly TDS return form used to report tax deductions on payments made other than salaries. Whenever a payer deducts TDS while making payments (excluding salary) to a payee, they must file Form 26Q.
This form must be submitted every quarter, disclosing the total amount paid and the TDS deducted during that period.
What is Form 26Q?
Form 26Q is filed under Section 200(3) of the Income Tax Act, 1961 and applies to TDS on payments covered under various sections such as 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, and others. It is exclusively meant for reporting TDS deducted on non-salary payments.
To file Form 26Q:
- Deductors must quote their TAN (Tax Deduction and Collection Account Number).
- Non-government deductors must provide their PAN, while government deductors can mention “PANNOTREQD”.
Applicable Sections Under Form 26Q
Below is a summary of key sections under which Form 26Q is applicable, along with their respective TDS threshold limits:
|
Section
|
Payment Type
|
TDS Not Applicable If Amount is Below
|
|
192
|
Salary
|
₹2.5 lakh (Individuals), ₹3 lakh (Senior Citizens), ₹5 lakh (Super Senior Citizens)
|
|
192A
|
PF Withdrawal
|
₹30,000
|
|
193
|
Interest on Securities
|
₹5,000 / ₹10,000 / Bonds of nominal value ≤ ₹10,000
|
|
194
|
Dividends
|
₹2,500
|
|
194A
|
Interest (other than securities)
|
₹5,000 (general) / ₹10,000 (banking) / ₹50,000 (senior citizens)
|
|
194B
|
Winnings from lotteries/games
|
₹10,000
|
|
194BB
|
Horse race winnings
|
₹10,000
|
|
194C
|
Contractor payments
|
₹30,000 (single) or ₹1,00,000 (annual aggregate)
|
|
194D
|
Insurance commission
|
₹15,000
|
|
194DA
|
Life insurance policy payout
|
₹1,00,000
|
|
194EE
|
NSS deposits withdrawal
|
₹2,500
|
|
194G
|
Commission on lottery ticket sales
|
₹15,000
|
|
194H
|
Commission or brokerage
|
₹15,000
|
|
194-I
|
Rent (Land/building/furniture)
|
₹1,80,000
|
|
194-IA
|
Sale of immovable property
|
₹50 lakh
|
|
194-IB
|
Monthly rent paid by individuals/HUF
|
₹50,000
|
|
194J
|
Professional/technical fees
|
₹30,000
|
|
194LA
|
Compensation on land acquisition
|
₹2.5 lakh
|
|
206A
|
Interest (No PAN)
|
₹10,000 (banks/co-ops), ₹5,000 (others)
|
Penalty for Late Filing of Form 26Q
Failure to file Form 26Q on time may attract a penalty of up to ₹10,000. It is crucial for deductors to file the return accurately and within the prescribed timeline to avoid fines and legal complications.
Steps to Download Form 26Q
You can easily download Form 26Q by following these steps:
- Visit the official NSDL website: https://www.tin-nsdl.com
- Go to the “Downloads” tab and select “E-TDS/E-TCS” from the dropdown menu.
- Click on “Quarterly Returns”, then select “Regular”.
- You will be redirected to a new page.
- Under the “Form” section, choose Form 26Q to download.