Form 26Q: How to Download, Due Dates & Penalties
Most people become anxious when it comes to dealing with anything related to their income tax. Lack of adequate knowledge is one of the biggest challenges stopping people from handling tax-related topics, especially income tax returns. However, one needs to be acquainted with a few rules and terms to become confident enough to deal with their income tax and its related matters.
Here, a key term, the 26Q form, will be explained in detail. The reader though must be acquainted with a few other terms before understanding the details about the form.
The following section looks at such aspects in detail.
What is Form 26Q?
Form 26Q is applicable for TDS under Section 200(3) of the Income Tax Act, 1961 under Sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I and 194J. It is a statement for tax deducted at source on all payments except salaries. A deductor must submit his TAN (Tax Deduction Account Number) to submit the Form 26Q.
Non-government deductors must quote the PAN, whereas, government deductors must quote “PANNOTREQD” on the form.
If a deductor fails to submit Form 26Q on time, he/she/they will have to face one of the penalties listed below :
- If a deductor does not file the TDS on the submission date, he/she/they may have to pay a late filing fee.
- The deductor also has to pay interest levied on the TDS amount, if he misses the submission deadline.
- A large penalty is levied, if a deductor fails to file TDS and deposit the amount within one year of the actual due date.
TDS is not deducted if the expenditure incurred or payment made during the financial year is below the set threshold limit.
| Section | Threshold Limit | Particulars |
| 192 | If net taxable income is less than maximum amount which is not chargeable to tax: a) Rs. 2,50,000 for an individual, b) Rs. 3,00,000 for Senior Citizens, c) Rs. 5,00,000 for Super Senior Citizens | No TDS at source from salaries |
| 192A | If the amount paid is less than Rs. 30,000 | No TDS from payment of PF account of an employee |
| 193 | If the amount paid or payable during the financial year is less than Rs. 5,000 | No TDS from interest paid on debentures issued by a company in which public are substantially interested. Provident interest is paid by account payee cheque to resident individual or HUF |
| 193 | If the amount paid or payable during the financial year is less than Rs. 10,000 | No TDS from interest on 8% Saving (Taxable) Bonds 2003 paid to a resident persons |
| 193 | If a declaration is made that the nominal value of such bonds did not exceed Rs. 10,000 at any time during the previous year | No TDS from interest on 6.5% Gold bonds, 1977 or 7% Gold bonds, 1980 paid to resident individual |
| 194 | If the amount paid or payable during the financial year is less than Rs. 2,500 | No TDS from dividend paid by account payee cheque to resident persons |
| 194A | If the amount paid or payable during the financial year is less than Rs. 10,000 | No TDS from interest other than on securities paid by a banking company or co-operative bank on time deposits |
| 194A | If the amount paid or payable during the financial year is less than Rs. 10,000 | No TDS from interest on deposit with a post office under Senior Citizens Saving Scheme Rules, 2004 |
| 194A | If the amount paid or payable during the financial year is less than Rs. 5,000 | No TDS from interest other than on securities (in any other case) |
| 194A | If the amount paid or payable during the financial year is less than Rs. 50,000 | No TDS from interest on compensation awarded by Motor Accident Claims Tribunal |
| 194B | If the amount paid or payable during the financial year is less than Rs. 10,000 | No TDS from Lottery / Cross Word Puzzles |
| 194BB | If the amount paid or payable during the financial year is less than Rs. 10,000 | No TDS from winnings from horse races |
| 194C | a) If sum paid or payable to a contractor in a single payment is less than Rs. 30,000 b) If sum paid or payable to a contractor in aggregate is less than Rs. 1,00,000 during the financial year | No TDS from sum paid or payable to contractor |
| 194D | If the amount paid or payable during the financial year is less than Rs. 15,000 | No TDS from insurance commission paid or payable during the financial year |
| 194DA | If the amount paid or payable during the financial year is less than Rs. 1 lakh | No TDS from sum payable under a life insurance a police (including bonus) to a resident |
| 194EE | If the amount paid or payable during the financial year is less than Rs. 2,500 | No TDS from payments made out of deposits under NSS |
| 194G | If the amount paid or payable during the financial year is less than Rs. 15,000 | No TDS from commission paid on lottery tickets |
| 194H | If the amount paid or payable during the financial year is less than Rs. 15,000. Further, no tax to be deducted from commission payable by BSNL/ MTNL to their PCO Franchisee. | No TDS from payment of commission or brokerage |
| 194-I | If the amount paid or payable during the financial year is less than Rs. 1,80,000 | No TDS from payment of rent in respect of land &building, furniture or fittings or plant and machinery |
| 194-IA | If the amount paid or payable during the financial year is less than Rs. 50 lakh | No TDS from payment of consideration for purchase of an immovable property (other than agriculture land) |
| 194-IB | If the amount of rent is less than Rs. 50,000 for a month or part of a month | No TDS on payment of rent of any land or building or both by an individual/HUF [whose books of account are not required to be audited under section 44AB] to resident person. |
| 194J | If the amount paid or payable during the financial year is less than Rs. 30,000 | No TDS from payment of professional fees, technical fees, royalty and directors’remuneration |
| 194LA | If the amount paid or payable during the financial year is less than Rs. 2,50,000 | No TDS from payment of compensation for compulsory acquisition of immovable property (other than Agricultural Land) |
| 206A | If the amount paid or payable during the financial year is less than: a) Rs.10,000 where the payer is a co-operative society or a banking company b) Rs.5,000 in other case | Furnishing of quarterly return in respect of payment of interest (other than interest on securities) to residents without deduction of tax |
Penalties for late filing of Form 26Q
Though taxpayers are liable to file the Form 26Q on time and in a steady manner, there are penalties for late filings. The modified rules, effective from April 1, 2017, can make you liable to pay a maximum penalty of Rs. 10,000. Also, filing of Form 26Q has now been extended to 31st August, 2018 from 31st July, 2018. The details of penalties for late filing of Form 26Q is mentioned in the table below :
| E-Filing Date | Total Income Below Rs. 5,00,000 | Total Income Above Rs. 5,00,000 |
| Upto 31st Aug 2018 | Rs. 0 | Rs. 0 |
| Between 1st Sept 18 & 31st Dec 18 | Rs. 1,000 | Rs. 5,000 |
| Between 1st Jan 19 & 31st March 19 | Rs. 1,000 | Rs. 10,000 |
How to Download Form 26Q
TDS Return Form has been sub-divided into four categories. A taxpayer can easily download the 26Q by following the below mentioned steps:
Step 1: Visit the official website of NSDL at https://www.protean-tinpan.com/
Step 2: Click the “Downloads” tab and choose E-TDS/E-TCS from the drop down list menu
Step 3: Click “Quarterly Returns” and then choose “Regular”
Step 4: You will be redirected to the new page
Step 5: Select Form 26Q to download mentioned under section “Form”
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