Form No. 26Q

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1

Hi All,

A question on 26Q. For contractors and professionals should we file Form 26Q separately or in single form?

Please suggest

Thank you.
Ann

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2

Hi Ann,

Not required to file separately. A single Form 26Q with separate annexures (if required) corresponding to each challan payment has to be filed for all payments made to residents should be good.

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3

Just to add what @SantoshK has mentioned.

As against 24Q which contains 2 annexures, Form 26Q contains only one annexure. Challan details, details of deductor and deductees are to be mentioned. Along with this, if the deductor hasn’t either deducted TDS or deducted it at a lower rate, reasons are also to be mentioned in the form. Which makes it really important.

There are also some penalties for the late filing such as:

  • A fine of Rs. 200 per day is to be paid until the return is filed
  • In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000.
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