Form No.26qb - Income Tax Department: Fill & Download for Free

Hello!TDS - Tax Deducted at SourceTDS is the tax deducted on specific payments at the specified rates as per the Income Tax Act. TDS deducted is deposited with the income tax department and a TDS Return (24Q, 26Q, 27Q, 26QB, 26QC, 26QD) is filed by the deductor. The deductee can claim the credit of tax paid while filing Income Tax Return. The TDS Credit is reflected in TDS Certificate issued by the deductor or from Form 26AS available on incometaxefiling.gov.inRead more about TDS - What is TDS (Tax Deducted at Source)?TCS - Tax Collected at SourceTCS is the tax collected by the seller from the buyer on the sale of specified goods. TCS should be collected at specified rates and deposited with the income tax department. TDS Return i.e. Form 27EQ should be filed by the seller.Read more about TCS - What is TCS (Tax Collected at Source)?Difference between TDS and TCSTDS should be deducted by the payer or buyerTCS should be collected by the payee or sellerTDS is deducted on expense incurred by deductorTCS is collected on sales i.e. income earned by sellerTDS - Deductor is liable to deduct TDS when the expense exceeds prescribed limit as per the applicable TDS SectionTCS - Seller is liable to collect TCS on sale of specified itemsIf you need help with TDS Compliance, write to us on [email protected]

As per Income Tax Act, 1961 any person who is buying a immovable property whose value is more than specified limit (Here, specified limit is 50.00 Lacs) is liable to deduct the TDS amount ie., at the rate 1% on the transaction value and pay the same to government account.After deduction buyer have to file Form 26QB to report the same to the Department (Income Tax Department).If the Buyer Fails to do so, he / she will be liable for penalty or Interest for their default.In short the Person "PURCHASING/BUYER".

5 things you should not hide from the Income Tax Department:There are many financial transactions about which the department has a pre-hand knowledge even if you do not declare them in your Income Tax Returns. Therefore, you should declare all your sources of various incomes properly otherwise, it may lead to adverse consequences. This article discusses what the department knows about you.Mutual funds purchasedMutual fund companies are required to file an annual information return to the Income Tax Department if the units purchased by a person are of value more than Rs 2 lakh during a particular financial year. They have to furnish the customer details such as name, address, and PAN, etc., for making such investments. As a result, the IT department knows about the investments made by the person in a particular year. Therefore, you must ensure that you disclose the source of income from which mutual funds were purchased.Cash depositsBanks have to disclose the details of customers who have deposited cash of more than Rs 10 lakh in their savings bank accounts during a financial year. Thus, the banks report all the details of such transactions along with the PAN to the Income Tax Department. Since Rs 10 lakh is a huge amount, it is suggested that one should maintain proper books of account so that you may be in a comfortable position to explain the source and application of money deposited in the bank account to the Income Tax Department.Property sold and purchasedIf the purchased and sold property value is more than Rs 30 lakh, then the authority registering the transaction has to report the details of the transactions in its Annual Information Return which contains the name, PAN, address, and amount of transaction of the purchaser and seller of the property.So, the purchaser should disclose the source of income from which the payment for property has been made and while the seller has to ensure that they do not forget to report capital gains on the sale of the property in their Income Tax Return.Furthermore, in case of sale of property of more than Rs 50 lakh, the purchaser deducts TDS at the rate of 1 per cent from the payment made to the seller. After deducting the TDS, the purchaser files Form 26QB with Income Tax Department in which the purchaser informs the amount of sales considerations & TDS deducted along with the names & PAN of the parties involved in the transaction.So, Form 26QB also serves as an important source of information to the Income Tax Department for all the transactions related to the purchase of sales and property. Therefore, you should not avoid declaring such income as the department is pre-informed about it.Interest incomeBanks deduct TDS on interest on FDs of their depositors. This TDS is deducted if the interest paid by bank is more than Rs 10,000. However, many people forget or avoid mentioning this income in their Income Tax Return. Whereas, the Income Tax Department is already aware about the income, because of the TDS return filed by the banks. They also have a record of customers (including their details) whose TDS has been deducted. Thereby, you should not forget to declare your interest income.Understating of salarySome taxpayers wrongly believe that they can understate the salary details in their Income Tax Return to avoid tax liability. Do not ever dare to do so as the Income Tax Department has complete information about all the details of all the salary paid to you by your employer.At the end of each quarter, the employer files the TDS return in which the employer declares the salary paid to all the employees on a monthly basis and thus Income Tax Department captures all the salary data from the TDS return.Furthermore, your Form 26 AS also shows the total amount of Tax Deducted at Source on different salaries by the various employers, along with all the details such as total salary, etc. Therefore, you should declare all your income properly on your Income Tax Return.From the above mentioned points, you can easily understand that Income Tax Department keeps a hawk eye on all of your high value transactions such as sale of mutual funds, shares, property purchase, salary received, etc. So, you should not ever try to evade any income as the Income Tax Department can easily trace it out by analysing your financial transactions.