E FORMS UNDER INCOME TAX(FORM 24q,26q,27q,27eq,16 and ITRs)

1. ASSIGNMENT NO: 03
COMPUTER APPLICATION IN BUSINESS
Name: Devyani .H. Kale
Roll no. : 26
Class: B. com II E1 [sem-3]

3. All About TDS Returns
Tax Deducted at Source or TDS refers to an advance tax which is
deducted from the income or earnings of an individual or an
organization before actually crediting the income into the account
of an individual or entity, as per the Taxation Code of India.

4. Few Noteworthy Points about TDS Returns
 TDS Return refers to a quarterly statement that is
submitted by the deductor to the Income Tax
Department.
 A TDS Return can be defined as a summary of all the
TDS associated transactions that are carried during
a quarter.
 TDS statement showcases a summary of all the
entries of TDS collected and paid by the deductor to
the Income Tax Authority.
 TDS Return statement contains the details such as
deductor’s & deductee’s PAN number, detailed
particulars of the TDS contributed to the
government’s revenue and the information of TDS
Challan.

5. Deadlines for TDS Returns
QUARTER QUARTER PERIODS DUE DATE OF FILING TDS
RETURNS
1st Quarter 1st April to 30th June 31st March 2021
2nd Quarter 1st July to 30th
September
31st March 2021
3rd Quarter 1ST October to 31st
December
15th Jan 2021
4th quarter 1st January to 31st
march
15th May 2021

6. Different Types of TDS Return Forms

7. Form24Q StatementforTDSfromSalaries
 It is used for preparing eTDS returns for the TDS deducted on
salary under Section 192 of the Income Tax Act, 1961.
 It has to be submitted on a quarterly basis by the deductor.
 It contains details like salaries paid and the TDS deducted of the
employees by the employer.
 It contains 2 annexures namely Annexure-I and Annexure II.
Annexure-I contains details of the deductor, deductees and
challans, while Annexure II contains the salary details of the
deductees.
 Annexure-I is to be submitted by the deductor for all the four
quarters of the financial year.
 Annexure II need not be submitted in the first three quarters of the
financial year, but has to be furnished and submitted in the fourth
quarter of the financial year with details of the employees’ salaries
of the entire financial year.

8. Form 26Q – Statement for TDS From all
Payments Other Than Salaries
 It is to be submitted for tax deduction at source for all the
payments received other than the salary.
 It is submitted on a quarterly basis by the deductor and is
applicable for tax deducted at source under section 200(3),
193 and 194 of the Income Tax Act of 1961.
 The income on which the tax is deducted at source
includes interest on securities, dividend securities,
professional fees, directors’ remuneration, etc.
 It is compulsory to furnish PAN by the deductors who are
non-government deductors. For government
deductors “PANNOTREQD” has to be mentioned on the
form.

9. Form 27Q – Statement for TDS from Additional
Income like Interest, Dividends, or any other
amount Payable to NRI (Foreigners)
 It is applicable for payments made to non-resident Indians and
foreigners other than salary.
 It has to be filled in for the declaration of Tax Deducted at source
for the NRIs and Foreigners.
 It is submitted on a quarterly basis by the deductor and is applicable
for tax deducted at source under section 200(3) of the Income Tax
Act of 1961.
 The income on which the tax is deducted at source includes interest,
bonus, any additional income or any other sum owed to non-resident
Indian or foreigner.
 It is compulsory for non-government deductors to furnish PAN. For
government deductors the code “PANNOTREQD”has to be
mentioned on the form.

10. Form27EQ–StatementforTCS(TaxCollected
atSource)
 It is a quarterly statement that furnishes the details and information of the
tax collected at source as per section 206C of the Income Tax Act of 1961.
 The form 27EQ is submitted on a quarterly basis. In this form it is
mandatory to furnish TAN.
 It is the statement to show the Tax Collected at Source (TCS), which is the
tax collected by the seller. When a buyer purchases certain goods or
commodities, the seller collects the tax from the buyer through the TCS
route. This tax is collected on the payment received from the buyer either
in cash, credit, cheque, demand draft or from any other mode of payment.
 It is to be furnished by corporate deductors and collectors but not by
government deductors and collectors. It is compulsory to furnish PAN by
the deductors who are non-government deductors. For government
deductors, the code “PANNOTREQD” has to be mentioned on the form.

11. TDS Return Form has been sub-divided into four categories. A
taxpayer needs to choose the particular category for which
he/she has to file TDS Returns accordingly. Here are steps
through which a taxpayer can download the TDS return
forms:
• Step 1: Visit the official website of NSDL
at https://www.tin-nsdl.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: Choose the TDS Return Form as per the requirement
mentioned under section “Form”

12. Form16isadocumentorcertificate,issuedaspertheSection
203–Income-TaxAct1961,tosalariedprofessionalsinIndia
bytheirrespectiveemployers.Also,referredtoasa“salary
certificate”,itcontainstheentiredetailsregardingthesalary
givenbytheorganizationoremployertotheemployeeina
particularfinancialyearandtheincometaxthathasbeen
removedfromthesalaryoftheindividualbythepayer.

14. • Form 16 Part A
Fundamentally, the Part A gives the summary
of tax collected by the organization or
employer from the salary income, on the
employee’s behalf and deposited in the
government’s account.
• Form 16 Part B
Part B is a consolidated statement covering
details regarding salary paid, any other income
as disclosed by the employee to his/her
organization, amount of tax paid and tax due,
if any.

15. FORM-16 B

16. FILING INCOME TAX RETURN
(itr)

18. • ITR-1 or Sahaj can be used by below category of
resident Indians:Income earned from other
sources such as lottery, horse race etc.
• Agricultural income less than Rs 5000
• Salary/pension income
• Payment received for a single house property with
certain exclusions.
There are limitations to who can and cannot opt
for this form. For example, individuals with
income from foreign assets cannot file ITR 1
form.

20. Individuals and HUF with below criteria can file
ITR 2 form: Income greater than Rs 50 lakh
• Income received through salary/pension/house
property/lottery/horse race/capital gains/foreign
assets/foreign income
• If an individual is the director of a company
• Agricultural income of more than Rs 5000
• Individuals who do not earn money from business
ventures

21. ITR-3
Individuals or HUF with income from below
sources can file ITR 3 formA business or
profession
• If you are an individual director in a company
• Income received as a partner in a firm
• Investments in unlisted equity shares
• Income from salary/pension/house
property/other sources

22. ITR-4
• Individuals, HUFs, Partnership firms having income
from business and profession can opt for ITR 4 form.
Moreover, those who have chosen for presumptive
income scheme under Section 44AD, Section 44ADA
and Section 44AE of the Income Tax Act can also file
using ITR 4 form.
Turnover exceeding Rs 2 crore will have to be filed
under ITR 3 form.
ITR-5
• ITR 5 form is to be filed by Firms, Body of Individuals,
Co-operative societies, LLPs (Limited Liability
Partnerships), Association of Persons, Local authorities,
Artificial Judicial Persons, Estate of Insolvent, Estate of
Deceased, Investment Fund, and Business Trust.