09 October 2013
Is it compulsory to add data of non deduction of TDS on interest on deposit against 15G and 15H in quarterly ETDS return of 26Q ? and if yes, should add data in every quarter or in last quarter Q4 in form 26 ?
21 July 2024
Yes, it is compulsory to report data related to non-deduction of TDS on interest paid on deposits against Form 15G and 15H in your quarterly e-TDS return, specifically in Form 26Q. Here’s how you should handle this:
### Reporting Non-deduction of TDS on Form 26Q:
1. **Form 15G and 15H Declarations**: - Form 15G and 15H are self-declaration forms submitted by individuals (typically taxpayers) to banks and other financial institutions to declare that their income is below the taxable threshold. As a result, TDS should not be deducted on interest income from deposits.
2. **Reporting in e-TDS Return (Form 26Q)**: - When you prepare and file Form 26Q for each quarter, you must include details of transactions where TDS was not deducted due to valid Form 15G/15H declarations. - Include this information in the relevant fields provided in the e-TDS return utility software (like NSDL RPU or other authorized software).
3. **Quarterly Reporting Requirement**: - You should report the non-deduction of TDS due to Form 15G/15H declarations in every quarter’s e-TDS return (i.e., Q1, Q2, Q3, and Q4). - Each quarter’s return should accurately reflect the transactions and details for that specific quarter, including any instances where TDS was not deducted based on valid Form 15G/15H submissions.
4. **Annual Consolidation (if applicable)**: - While you report this information every quarter, Form 26Q aggregates data across all quarters in a financial year. - At the end of the financial year (after Q4), ensure that all data for non-deduction of TDS due to Form 15G/15H is correctly consolidated and reported in the annual return.
### Summary:
- **Compulsory Reporting**: Yes, it is mandatory to report data of non-deduction of TDS on interest on deposits against Form 15G and 15H in each quarterly e-TDS return (Form 26Q). - **Quarterly Basis**: Report this data for every quarter (Q1 to Q4) of the financial year. - **Accuracy and Compliance**: Ensure accurate reporting in each quarter’s return to comply with Income Tax regulations and avoid discrepancies.
By adhering to these guidelines, you can ensure compliance with TDS provisions and accurately report non-deduction of TDS based on Form 15G and 15H declarations in your quarterly e-TDS returns.
CAclubindia
