Get the free Form No. 26Q

Form No. 26Q See rule 31A(1)(c)(ii) Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income -tax Act, 1961 in respect of payments other than Salary for the quarter

How to fill out form no 26q

How to fill out form no 26q:

1. Obtain form no 26q: You can download the form from the official website of the Income Tax Department or collect a physical copy from the tax office.
2. Fill out the basic details: Start by providing your permanent account number (PAN), name, and address. Ensure that the information is accurate and matches the details on your PAN card.
3. Mention the assessment year: Specify the relevant assessment year for which the form is being filed. The assessment year is the year following the financial year for which the income is being reported.
4. Provide details of the deductor: Include the TAN (Tax Deduction and Collection Account Number) and the name of the deductor. This information can usually be found on your Form 16 or TDS certificate.
5. Fill in the challan details: Enter the details of the challan through which the tax has been deposited. This includes the BSR (Bank Branch Serial) code, challan serial number, and the amount paid.
6. Report income and deduction details: In this section, you need to provide information about the different types of income and deductions. This may include salary income, interest income, rental income, etc. Additionally, mention any deductions claimed under various sections of the Income Tax Act.
7. Calculate and verify tax liability: After entering all the relevant details, calculate the total tax liability and ensure its accuracy.
8. Pay any remaining tax: If there is any tax liability remaining after considering the TDS (Tax Deducted at Source), it needs to be paid before filing the form. Ensure that you have paid the remaining tax, if applicable.
9. Sign and submit the form: Finally, sign the form and submit it to the appropriate tax office. If filing electronically, you may need to generate an XML file and upload it on the income tax e-filing portal.

Who needs form no 26q:

1. Employers: Companies or organizations that deduct TDS on salary payments and other allowances need to file form no 26q. This form is used to report the TDS details of employees and professionals.
2. Banks and financial institutions: Banks and financial institutions need to file form no 26q to report the TDS they have deducted on interest income paid to customers.
3. Individuals and businesses: If you are making payments to freelancers or professionals and are required to deduct TDS, you need to file form no 26q. This applies to both individuals and businesses.

Note: It is advised to consult a tax professional or refer to the official guidelines while filling out form no 26q to ensure accuracy and compliance with the tax laws of your country.

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