« Last post by Guru on February 16, 2017, 10:17:35 AM »
This forms are types of TDS return, TDS means Tax Deducted at Source. It is same like Advance Tax, government gets Tax amount as and when transaction is made. Means One who come in transaction and require to deduct Tax on that transaction require to get TAN number, normally every company, partnerships firms, LLP and people who get coverage under the Tax Audit in the prior year have the liability to deduct the TDS from the specified payments that they make.
For these declarations of payment certain forms have to be filled in by people for TDS. They have some distinguishing and basic features and are based on various factors. Read on to understand these forms in detail and their features.
Form 24 Q :
The form information is based on a citizen’s salary payments and the deductions made for tax.
Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year. Annexure II needs to be filed only for the final quarter of the year.
This form is based on payments other than salary people who are living and working in India and are Indian citizens under the sub - section (3) of section 200 of the Income tax Act, 1961.
Form is based on, and can be used for reference to fill in the declaration form include sections 193, 194, 194A, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I, 194J.
Form 27Q based on the payments of foreigners and NRIs other than salary under section (3), Section 200 of the Income tax Act, 1961.
This Form is for Quarterly statement of collection of (TCS) tax at source and require to mention TAN in this form.
TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per Section 206C (1) for the purpose of business and not for personal use