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Forms (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
27 May 2010

What is Form-24Q, Form-26Q,Form-27Q, Form-27EQ,Form-24C,Form 17, of income tax,
If possible kindly inform for what proposes these are used

Further what are the Difference between TDS & TCS

Please answer


Member (Account Deleted)

( Expert )
27 May 2010

Every person, being a person responsible for deducting tax under Chapter XVII-B shall, in accordance with the provisions of sub-section (3) of section 200, deliver or cause to be delivered to the Director-General of Income-tax (Systems) or the person authorized by the Director General of Income-tax (Systems), quarterly statement—

(i) in Form No. 24Q in respect of deduction of tax at source under sub-sections (1) and (1A) of section 192; and

(ii) in Form No. 26Q in respect of other cases of deduction of tax at source,

on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year and on or before the 15th June following the last quarter of the financial year


Member (Account Deleted)

( Expert )
27 May 2010

Every person, being a person responsible for collecting tax under section 206C shall, in accordance with the proviso to sub-section (3) of section 206C, deliver or cause to be delivered to the Director-General of Income-tax (Systems) or the person authorized by the Director General of Income-tax (Systems), quarterly statement in Form No. 27EQ on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year and on or before the 30th April following the last quarter of the financial year


Member (Account Deleted)

( Expert )
27 May 2010

The person making deduction of tax in accordance with sections 193, 194, 194E, 195, 196A, 196B, 196C and 196D of the Act from any payment made to—

(i) a person, not being a company, who is a non-resident or a resident but not ordinarily resident, or

(ii) a company which is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within India ;

shall send within fourteen days from the end of the quarter a statement in Form No. 27Q to the Director General of Income-tax (Systems) or the person or agency authorized by the Director General of Income-tax (Systems) referred to in rule 36A


Member (Account Deleted)

( Expert )
27 May 2010

TDS is the mode of collecting income tax.It's full form is
Tax Deducted at Sourse. The employer/Payer or deductor
deducts the tax from the payments which is made for
employee/Payee or deductee and deposited it in the
authroised banks or treasury, which is authorised by income
tax departments.

TCS is also the mode of collecting income tax. It's full
form is Tax collected at source. In this the payer or
collector collects tax on the time of payments and
deposited it in the authorised banks or treasury, which is
authorised by income tax departments.


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