(IND) Generate 26Q or 27Q quarterly statements for TDS
Important
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Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2
The deductors of tax at source can use the following two quarterly statements for Tax Deducted at Source (TDS):
Form 26Q – Quarterly statement of TDS generated for all payments other than salaries for residents.
Form 27Q – Quarterly statement of TDS generated for interest, dividend, or any other amount payable for nonresidents.
Form 26Q and Form 27Q statements display the following information:
TAN, PAN, assessment year, and details about statements that were previously filed.
Specific information about the deductor of tax at source. For more information, see (IND) Key tasks: Tax information for legal entities.
Information about the person who is responsible for deducting taxes.
Details of taxes that are deducted and paid to the credit of Central Government.
Annexure with details of amounts paid and tax deducted from the deductees.
Verification section.
Form 26Q statement is generated for transactions with a Resident status, and Form 27Q is generated for transactions with a Non-resident status. The status is attached to the withholding tax component group. To view the status, open the Withholding tax component groups form. Click General ledger > Setup > Withholding tax > India > Withholding tax component groups.
The statements are generated for TDS transactions that are posted to payable accounts that are defined for TDS tax codes.
The following prerequisites are required to generate Form 26Q statements:
In the Tax information area of the Legal entities form, enter the Permanent Account Number (PAN) and withholding tax information.
In the Withholding tax component groups form, enter the section codes for all withholding tax component groups associated with TDS transactions that are posted for the period.
In the Withholding tax codes form, set up the reporting codes for the withholding tax components that are used for the TDS transactions that are posted for the period.
Enter the challan details for all TDS transactions that are posted for the period. For more information, see (IND) Challan information (form).
To generate 26Q or 27Q quarterly statements
Click General ledger > Reports > India > TDS > TDS statement.
Select the Statement filed earlier check box if the TDS statement has already been filed for the quarter. Enter the provisional receipt number of the TDS statement that was filed earlier in the Provisional receipt number field to generate a correction report.
Select the Tax Account Number (TAN) to generate the TDS statement for.
In the Statement field, select the type of TDS quarterly statement to be generated.
Specify the ending date of the period that the TDS statement is generated for.
The quarter that the TDS statement is to be generated is displayed in the Period end field.
Enter the name and designation of the person who is responsible for TDS deduction for the quarter.
Enter the date when you print the TDS statement.
Select the Generate file check box to generate an electronic file (e-file) for the TDS statement that is generated for the quarter.
If you are generating a correction statement or the statement was already filed for the quarter, select the Generate corrected e-file check box to generate an electronic file for the correction statement.
Specify the name and location to save the e-file or correction e-file to.
Click OK to generate the TDS statement.
Note
If the TDS transaction is reversed using a credit note, only the net amount is displayed for the transaction in the annexure.