Tax planning involves analyzing available tax-saving investment options and exemptions to maximize tax efficiency, reduce liability, and boost savings through deductions, credits, and exemptions, while staying compliant with tax laws.

TDS return on salary refers to the tax deducted at source (TDS) on an employee’s income, which is filed by the employer. This return reports the amount of tax withheld and deposited with the government, ensuring compliance and accurate tax credit for the employee.

Form 26Q is a quarterly statement/return filed by deductors to report TDS on payments other than salary, such as interest, dividends, or contractor payments etc. It includes details of the deductor, deductee, and the amount of TDS deposited with the government.

Form 26QB is a statement/return for reporting TDS on property transactions. When a buyer purchases immovable property (other than agricultural land) valued at Rs. 50 lakhs or more, they must deduct 1% TDS from the sale amount and deposit it using Form 26QB. This form includes details of the buyer, seller, property, and TDS payment, ensuring compliance in property transactions.

Form 27Q is a quarterly return used to report TDS on non-salary payments to non-residents, including Rent, interest, dividends, and other income. It records details of the deductor, the non-resident payee, and the TDS amount deposited. Filing Form 27Q ensures compliance with tax laws for payments to foreign individuals or entities.

Form 26QC is used for TDS on rent of property when an individual or HUF (not subject to tax audit) pays rent exceeding ₹50,000 per month. The applicable TDS rate is 5% of the rent amount, which must be deposited within 30 days from the end of the month in which the rent is paid. The tenant is responsible for filing Form 26QC and providing the landlord with Form 16C as proof of TDS deduction.

Form 26EQ is a quarterly TCS statement under Section 206C of the Income Tax Act, 1961, filed by sellers to report TCS on specified transactions, including the sale of scrap, minerals, tendu leaves, timber, motor vehicles, and foreign remittances under LRS. Non-filing attracts a penalty of ₹200 per day under Section 234E or up to the TCS amount. Buyers receive Form 27D as proof of TCS collection.

Form 26QD, under Section 194M, applies when an individual or HUF (not under tax audit) pays over ₹50 lakh in a financial year for contractual work, professional services, or commission. TDS at 5% must be deposited within 30 days, with Form 26QD filed online and Form 16D issued to the payee.

Form 26QE, under Section 194S, applies when an individual or HUF (not under tax audit) buys cryptocurrencies, NFTs, or other digital assets exceeding the prescribed limit. The buyer deducts TDS at 1%, deposits it within 30 days, files Form 26QE online, and issues Form 16E to the seller as proof. Non-compliance may lead to penalties and interest.

TAN Registration is mandatory under the Income Tax Act, 1961 for entities deducting or collecting TDS/TCS. Issued by the Income Tax Department, this 10-digit alphanumeric number must be quoted in all TDS/TCS filings. Businesses and individuals can apply through Form 49B via NSDL or UTIITSL. Non-compliance may lead to penalties under Section 272BB.