Any person who has deducted TDS for Professional Services, Interest Payments, Rent Payments, Contractual payments and varous other such payments are required to file form 26Q. TDS is required to be deducted and deposited by 7th of next month and 30th April for the TDS deducted on 31St March.

Information Required :

1. Amount of Payment made to other person from whom TDS is dedcuted.
2. Amount of TDS Deducted.
3. Date and Nature of Payments Made.

Any person who has Collected TCS as per TCS norms is required to file this return. TCS is required to be collected and deposited by 7th of next month and 30th April for the TCS collected on 31St March.

Information Required :

1. Amount of sales made to other person from whom TCS is collected.
2. Amount of TCS collected.
3. Date and Nature of Payments Made.

TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or 0.75% should be deducted (depending upon the Date of Payment/Credit to the Seller) by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

“TDS on Rent” under section 194-IB is liable to be deducted by Individuals or HUFs (Hindu Undivided Family) (other than an individual or a HUF, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such income by way of rent is credited or paid) responsible for paying to a resident monthly rent exceeding ₹ 50,000. Section 194-IB of the Income Tax Act, 1961 states that for all the transactions with effect from June 1, 2017, tax @ 5% or 3.75% should be deducted (depending upon the Date of Payment/Credit to the Landlord) by the Tenant/ Lessee/ Payer of the property at the time of making payment of rent (to Landlord / Lessor/ Payee). Tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

"TDS on PAYMENTS TO RESIDENT CONTRACTORS AND PROFESSIONALS" is applicable to Individuals and HUFs (Hindu Undivided Family) making ‘Payments to Resident Contractors and Professional’ value greater than ₹ 50,00,000. Section 194M of the Income Tax Act, 1961 states that for all the transactions with effect from September 1, 2019, Tax @ 5% or 3.75% should be deducted (depending upon the Date of Payment/Credit to the Deductee) by the Payer/Deductor at the time of making ‘Payments to Resident Contractors and Professional’