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https://help.tallysolutions.com/docs/te9rel51/Tax_India/TDS/Form_26Q.htm

Form 26Q

As per the Income Tax Act, 1961, every corporate and government entity responsible for deduction of tax at source should furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax with the Income Tax Department. Form 26Q is the Quarterly return of TDS in respect of all payments other than salaries.  This is applicable for Resident and the due date for Government entities is July 31st, October 31st, January 31st, and May 15th; for non-government entities the due dates for filing returns are July 15th, October 15th, January 15th, and May 15th.

The Form 26Q report in Tally.ERP 9 assists you in generating accurate the returns to be filed.

To Generate Form 26Q

  1. Go to Gateway of Tally > Display > Reports > Statutory Reports > TDS Reports > Form 26Q.

  2. Click F1: Condensed.

The Form 26Q report has the following sections:

Statistics of Vouchers

All transactions, whether recorded correctly, incorrectly, or inadequately will be captured and categorized in the Form 26Q report as follows:

Included

These are transactions that will be a part of Form 26Q. Transactions that will be considered as Included for generating Form 26Q are:

  • Booking entries, with or without TDS deduction

  • TDS deduction entries

  • Advance payments made to parties

  • TDS adjustment entries (in the case of government entities)

  • Entries accounting for TDS reversals and TDS deduction w.r.t escalations and de-escalations

 Excluded

These are transactions that do not carry the TDS details that are requisite to generate Form 26Q, and hence will be excluded while generating the form. Transactions that will be considered as Excluded for generating Form 26Q:

  • All entries where TDS is not applied

  • Entries recorded using any of the following Voucher Types:

    • Payment

    • Contra

    • Inventory Vouchers

    • Sales Order

    • Purchase Order

    • Debit Note (recorded for purchases with no TDS implications)

    • Credit Note (entries with no TDS implications)

    • Vouchers marked as Optional

    • Payroll Vouchers

Uncertain Vouchers

 These are transactions that do not fulfill the criteria of the Included and Excluded categories. A voucher will be listed as Uncertain  when there is insufficient information entered in:

  • Masters

  • Transactions

Deduction Details

This section denotes the type of deduction under which each of the Included transaction is grouped.

  • Deduction details are classified into:

  • Deduction at Normal Rate

  • Deduction at Higher Rate

  • Lower Rated Taxable Expense

  • Zero Rated Taxable Expense

  • Under Exemption Limit

  • Exempt in lieu of PAN Available

The assessable value, tax deductible, and the tax deducted for transactions grouped in the above categories are displayed here.

Payment Details

This will contain the statistics of all TDS payments (deemed or actual) that exist in the data till date. This will not contain any of the payment entries that are not related to the current period. Any payment entries other that TDS payment entry will not appear here.

The section will display the payments against two fields:

  • Included Transactions

  • Excluded Transactions

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