Overview of TDS Return Forms: 24Q, 26Q, 27Q, 27EQ and New 2026 Forms

TDS Return Forms at a Glance

Important 2026 Update: Old Forms vs New Forms

From 1 April 2026, TDS and TCS reporting moves to the Income-tax Act, 2025 and Income-tax Rules, 2026. The old forms are not simply cosmetic names anymore. Filing systems, form numbers, certificate numbers and section references have changed .

For transactions entered on or after 1 April 2026, deductors and collectors should quote the relevant table item of Section 393 for TDS or Section 394 for TCS, instead of old sections like 194C, 194J or 194H. The Income Tax Department has specifically warned that using old section numbers for new-year transactions may lead to system-level validation errors. For practical filing, remember this simple rule:

Which Form Applies During the 2026 Transition?

The transition year can create confusion because a business may file old and new forms in the same calendar year. For example, Q4 of FY 2025-26 covers January to March 2026. Even if the return is filed in May 2026, the old forms still apply because the deduction or collection relates to the old Act period.

For quarterly TDS return forms such as Form 138, Form 140 and Form 144, the usual due dates are 31 July for Q1, 31 October for Q2, 31 January for Q3 and 31 May for Q4. New Form 143 for TCS also follows the same quarterly due date schedule from 1 April 2026. For Form 141 cases, the challan-cum-statement must be filed within 30 days from the end of the month in which tax is deducted.

Form 24Q and Form 138

Form 24Q is the old quarterly TDS return for salary payments. It is filed by employers who deduct TDS from employee salaries. From 1 April 2026, the corresponding new form is Form 138. Form 138 is used by employers for salary TDS under Section 392 of the Income-tax Act, 2025. It also covers specified senior citizen income cases mentioned in the form instructions.

What Form 138 Contains

Form 138 has employee-wise salary and TDS details . The official sources state that Annexure I is required for all four quarters, while Annexure II and Annexure III are required only for Q4.

Due Dates for Form 24Q / Form 138

Form 26Q and Form 140

Form 26Q is the old quarterly TDS return for non-salary payments made to resident deductees. It is commonly used for payments such as contractor payments, rent, commission, brokerage, professional fees, interest and similar domestic payments where TDS is applicable.

From 1 April 2026, the corresponding new form is Form 140. It has been described as a quarterly statement for TDS on non-salary payments made to resident deductees .

Form 140 captures the deductor’s details, challan details and deductee-wise TDS breakup. This includes PAN, amount paid or credited, date of payment or credit, TDS deducted, TDS deposited, rate applied and reason for lower or higher deduction where applicable. 

Common Payments Reported in Form 26Q / Form 140

• Contractor and subcontractor payments
• Professional or technical fees
• Rent
• Commission and brokerage
• Interest other than salary
• Insurance commission
• Certain purchase of goods payments

Form 27Q and Form 144

Form 27Q is the old quarterly TDS return for non-salary payments made to non-residents . From 1 April 2026, the corresponding new form is Form 144. It is a quarterly statement for TDS on payments other than salary made to non-residents. Use this form when tax is deductible on non-salary payments to a non-resident. Examples may include:

• Interest
• Royalty
• Fees for technical services
• Dividend payments
• Capital gains related payments
• Other sums chargeable to tax in India

Due Dates for Form 27Q / Form 144

Form 27EQ and Form 143

Form 27EQ is the old quarterly return for Tax Collected at Source . It is filed by collectors who collect TCS on specified transactions. From 1 April 2026, the corresponding new form is Form 143. It is a quarterly statement for the collection of tax at source under Section 397(3)(b) of the Income-tax Act, 2025.

Important Due Date Difference

The due dates differ between old Form 27EQ and new Form 143, so businesses should not apply the old TCS return schedule to the new form.

Rule 31AA confirms these old Form 27EQ due dates. But from 1 April 2026, Form 143 has the following due dates:

A few TCS examples include:

• Sale of scrap
• Sale of tendu leaves
• Sale of alcoholic liquor
• Parking lot, toll plaza, mining and quarrying
• Overseas remittance or foreign tour package cases, where applicable

TDS and TCS Certificates: Form 16, 16A, 27D and New Forms

TDS and TCS return forms are filed with the department. Certificates are issued to the deductee or collectee after filing and processing.

The Income Tax Department’s form list confirms Form 130 for Form 16, Form 131 for Form 16A, Form 132 for 16B/16C/16D/16E and Form 133 for Form 27D. For TCS, Form 133 must be issued within 15 days from the due date of furnishing the quarterly TCS statement . For example, under the new Form 143 schedule, Q1 certificate issuance is due by 15 August.

Form 141 for 26QB, 26QC, 26QD and 26QE Cases

Earlier, separate challan-cum-statement forms were used for certain transaction-specific TDS cases. From 1 April 2026, these are merged into Form 141. The official Form 141 FAQs state that the due date is within 30 days from the end of the month in which tax is deducted. Also, TAN is not mandatory for Form 141 because filing is done using the deductor’s PAN.

How TDS and TCS Returns Are Filed

From 1 April 2026, TDS and TCS return filing is not just about preparing the same old forms - deductors now need to use the correct new form number, electronic format and section reference based on the transaction period. 

1. Collect deductor or collector details such as TAN, PAN, address and responsible person details.
2. Match challan details with the tax deposited, including challan amount, deposit date and challan reference details.
3. Prepare deductee or collectee-wise records with PAN, amount paid or credited, tax deducted or collected, applicable section/table reference and rate used.
4. Prepare the return using the applicable return preparation utility, in-house software or compliant third-party software as per the prescribed electronic format.
5. Validate the return file using the File Validation Utility, wherever applicable, before submission.
6. Upload or submit the validated statement through the applicable filing process.
7. Track processing status and, after processing, download and issue the relevant TDS or TCS certificate wherever applicable.

Correction Statements

If a return has already been filed and there is an error, the deductor or collector should file a correction statement after the original statement is processed. Typical correction reasons include:

• Wrong deductee or collectee PAN
• Wrong section or form mapping
• Incorrect challan details
• Incorrect amount paid or credited
• Incorrect TDS or TCS amount
• Missing deductee or collectee record

Under the new Form 140 FAQ, correction statements can be filed after the earlier statement has been processed by CPC-TDS. A correction statement must be filed within two years from the end of the tax year in which the original statement was required to be delivered.

Late Filing Fees and Penalties

For old-period TDS and TCS statements filed under the Income-tax Act, 1961, delayed filing can attract late filing fee under Section 234E and penalty under Section 271H. For new 2026 forms filed under the Income-tax Act, 2025, official FAQs for Forms 138, 140, 143 and 144 refer to late filing fee under Section 427 and penal proceedings under Sections 461 and 465(2)(g), where applicable.

Old-Period Returns: Section 234E Late Filing Fee

If an old-period TDS or TCS statement is not filed by the due date, Section 234E applies. The late filing fee is ₹200 per day for the period of default, but it cannot exceed the amount of TDS or TCS. The fee must be paid before filing a belated statement.

Example:

If the TDS amount for a quarter is ₹18,000 and the return is filed 40 days late, the fee is ₹8,000 because 40 × ₹200 = ₹8,000. If the return is 120 days late, the calculated fee is ₹24,000, but it will be capped at ₹18,000.

Old-Period Returns: Section 271H Penalty

Section 271H is different from the late filing fee under Section 234E. It allows the Assessing Officer to levy a penalty from ₹10,000 to ₹1,00,000 if a person fails to file the TDS/TCS statement on time or furnishes incorrect information in the statement .

For Assessment Year 2025-26 onward, the earlier one-year relief period under Section 271H(3) has been reduced to one month. This means no penalty for delayed filing should be levied if the deductor or collector pays the TDS/TCS, applicable fee and interest, and files the statement within one month from the due date. This relief applies only to delay in filing and does not protect incorrect TDS/TCS statements.

Practical Checklist Before Filing

Before filing the TDS or TCS return, check the transaction date, challan details and deductee records together. A correct form alone will not prevent defaults if the PAN, challan or deduction amount is wrong.

1. First confirm whether the deduction or collection belongs to the old Act period or the new Act period. This avoids using the wrong form number or wrong section reference during the 2026 transition.
2. Match the challan amount, BSR code, challan serial number and deposit date with your accounting records. A challan mismatch can delay return processing and certificate generation.
3. Wrong PAN details can block tax credit from appearing correctly for the deductee or collectee. Ensure to verify PAN and deductee details carefully. This is one of the most common reasons for correction statements.
4. Check lower deduction or nil deduction cases separately. If any deductee has submitted a lower deduction certificate or other valid declaration, ensure the correct rate and reference details are captured before filing.
5.  Once the return is processed, certificates such as Form 16, Form 131 or Form 133 are generated from the return data. Review the certificate impact before final submission. Any mistake in the return can flow into the certificate.
6. If an error is found after filing, wait for processing and then file a correction statement. Keep challan proofs, deductee communication and working papers ready for the correction process.

Conclusion

TDS and TCS return filing now requires extra care because the 2026 transition has changed form numbers, certificate references and section mapping. The safest approach is to identify the transaction period first, select the correct form, verify challans and PAN details, and file within the due date. This helps avoid late fees, penalties, correction cycles and tax credit mismatches for deductees or collectees.

For businesses managing regular TDS entries, challans, vendor deductions and compliance reports, using BUSY accounting software can help keep accounting and TDS-related records more organised before return filing.