TDS return document checklist

What it involves and when it is due

For Tax Year 2026-27 the quarterly statements are Form 138 (salary), Form 140 (other payments to residents), Form 144 (payments to non-residents) and Form 143 (TCS), due on 31 July, 31 October, 31 January and 31 May. Tax deducted is deposited by the 7th of the following month, and tax deducted in March by 30 April. Statements and corrections for FY 2025-26 and earlier quarters stay in the old forms (24Q, 26Q, 27Q and 27EQ).

Under the 2025 Act each payment is reported with a four-digit payment code in place of the old section number. Certificates are issued from TRACES: Form 130 for salary by 15 June after the tax year, and Form 131 for other payments within 15 days of the due date of the quarterly statement.

A statement filed late attracts a fee of ₹200 a day, capped at the tax deductible (Section 427 of the 2025 Act, Section 234E earlier), and a penalty of ₹10,000 to ₹1 lakh can apply (Section 461, earlier Section 271H). Interest is 1% a month for not deducting and 1.5% a month for deducting but not paying (Section 398, earlier Section 201(1A)).

Official forms

Common reasons for queries and rejections

• Deductee PAN invalid or inoperative, so the statement shows a short deduction at the higher rate.
• Wrong payment code selected, either in the challan or in the statement.
• Challan details entered wrongly, so the challan does not match on TRACES.
• Payments covered by Form 121 or a lower deduction certificate not flagged in the statement.
• Salary statement for the last quarter filed without the full annual salary details.
• Justification report not downloaded, so short-payment and interest defaults stay open.

Questions

Can a TDS statement be corrected after it is filed?

Yes. A correction statement is prepared from the consolidated file downloaded from TRACES and filed for the same quarter. Corrections for quarters before April 2026 are made in the old form for that quarter.

Which TDS statement is due on 31 January 2027?

The statements for October to December 2026: Form 138 for salary, Form 140 for other resident payments, Form 144 for non-resident payments and Form 143 for TCS.

When must a deductor issue Form 131?

Within 15 days of the due date for filing the quarterly statement, after downloading it from TRACES. The salary certificate in Form 130 is issued by 15 June after the tax year.

Official sources

• Guide to Income-tax Act, 2025 forms (incometax.gov.in, PDF): Forms 121, 141, 145 and 146
• Income-tax Act, 2025, as amended by the Finance Act, 2026 (incometaxindia.gov.in, PDF)
• CBDT FAQs on the transition to the Income-tax Act, 2025 (PDF)