TDS refers to the Deduction of tax at source. With a view of to reducing the cases of tax evasion, this act was made in which provision to deduct tax on certain income at the time when the income earner receives them. These are generally those incomes which can be ascertained and computed at the time of their accrual to the receipt. So, the persons responsible for making payments of such incomes are required to deduct income tax at the prescribed rate before the actual payment of income is made to the prescribed rates before the actual payment of incomes is made to the income earner. Whatever amount of income tax is deducted at source shall be deposited by the person concerned in the government treasury within the prescribed time limit.
TDS form 26Q is filed by the deductor for all TDS details which is deducted on all the payments other than the salary on the quarterly basis. Form 26Q is thus required to be submitted for all the TDS details on all payments other than salary on a quarterly basis by the deductor.
Form 26Q is also applicable for the TDS which is deducted under section 200(3) of the Income Tax Act for TDS under sections 193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194F, 194G, 194H, 194I and 194J.
We can also say that TDS form 26Q is the quarterly statement of all the payment which is made by the deductor and the complete amount of deduction which is made by him. There are different types of incomes that are subject to the deduction of tax at source.
The Types of income are mentioned below:
|Salaries.||Payment On Account Of Repurchase of Units by Mutual Fund or Unit Trust of India.|
|Interest on Securities.||Payments In Respect Of Rent.|
|Dividends.||Payments on Transfer of Certain Immovable Property Other Than Agricultural Land.|
|Interest Other Than the Interest on Securities.||Payments of Fees for Professional or Technical Services.|
|Winning From Lottery or Crossword Puzzles.||Payment of Compensation on Acquisition of Certain Immovable Property.|
|Winning From Horse Races.||Interest Payable to Non- Resident and Foreign Companies by an Infrastructure Debt Fund.|
|Payments to Resident Contractors.||Payment of Interest to a Non-Residents and Non-Indians Companies.|
|Payment of Insurance Commission.||Payments to an Offshore Fund.|
|Payments of Non-Resident Sportsman or Sports Association.||Payment of Interest or Dividends on Foreign Currency Bonds or Shares of Indian Company.|
|Payment of NSS.||Payments of Interest or Dividends to Foreign Currency Bonds or Shares of Indian Company.|
|Payments of Interest or Dividends to Foreign Institutional Investors.|
TDS form 26Q can be filled for many payments during the quarter as they are many different payments on which TDS will be deducted at the time of the payment that is listed below.
|Interest on Securities under Section 192.||Payments of Non-Resident Sportsman or Sports Association under the Section 194E.|
|Dividends Section under 194.||Payment of NSS under the Section 194EE.|
|Interest Other Than the Interest on Securities under the Section 194A.||Payments on Account of Repurchase of Units by Mutual Fund or Unit Trust of India under the Section 194F.|
|Winning From Lottery or Crossword Puzzles under the Section 194B.||Payment of the Commission on Sale of Lottery Ticket under the Section 194G.|
|Winning From Horse Races under the Section 194BB.||Payment of Commission or Brokerage under the Section 194H.|
|Payments to Resident Contractors under the Section 194C.||Payments In Respect of Rent under the Section 194I.|
|Payment of Insurance Commission under the Section 194D.||Payments on Transfer of Certain Immovable Property other Than Agricultural Land under the Section 194IA.|
|Payments of Fees for Professional or Technical Services under the Section 194J.|
Hence we can say that the TDS form 26Q is a quarterly statement which is filed by the deductor regarding the total payments that are made by the deductor and the total amount which is deducted from the payments that are made by him.
It even has all the record of the Tax deductor and of the person to whom the payment is made during the quarter. If any of the above payment is made by the person, the person has to deduct from the value and should mention while filling the TDS form 26Q.