Get Form N-26q.p65 - Nsdl

Interest in case of non-deduction of TDS– Interest will be imposed at 1% for every month or part of the month from the date the TDS was reducible till the date on which TDS actually reduced.

TDS not Deducted on Payments made to Resident The recipient has furnished his income tax return under section 139; The recipient has paid applicable taxes due on the income declared in an income tax return filed by him; The resident payee furnishes a certificate from an accountant in form No. 26A to this effect.

Reason for Non Deduction / Lower /higher Deduction 26 Q (i.e. “PANAPPLIED”, “PANINVALID” or “PANNOTAVBL”). Transaction where tax has not been deducted as amount paid/credited to the vendor/party has not exceeded the threshold limit (as per the provisions of income tax act).

Procedure to Download FUV from NSDL website Open the website. .tin.nsdl.com. Choose the Option TAN Registration. Type your login details. Select TDS/TCS and then / View Consolidated file. Type all the important Details. Fill the questionnaire. After filling the required details, you will be able to download the FVU File.

Form 26Q is used to file TDS details on payments made other than salary. The form mentions the total amount that is paid during the quarter and the TDS amount that has been deducted. Form 26Q has to be submitted on a quarterly basis.

♣ In normal course liability to deduct TDS is imposed on person making payment for consumption of services or goods i.e. deductor. If deductor does not deducts TDS than he shall face interest, penalty and prosecution proceedings.

Visit the official website of Tax Information Network and click on the 'Services' tab. A dropdown menu will appear. Click on 'e-Payment: Pay Taxes Online'. On the new page, find 'TDS on Property (Form 26QB)' and click on 'Proceed'.

If an assessee fails to deduct tax at source or having deducted fails to pay, then such person shall be deemed to be an assessee in default. Simple interest u/s 201(1A) at the rate of 1% or 1.5% shall be payable who does not deduct or after deducting fails to pay the tax.