October 2026: Key TDS and TCS deadlines
October 30: Form 141
The challan-cum-statement for TDS deducted during September on specified transactions, including certain property purchases and rent payments, must be filed by October 30. Deductors should verify the applicable provisions and ensure that the statement is submitted within the prescribed timeline.
October 31: Quarterly TDS and TCS statements
The quarterly TDS and TCS statements for July-September 2026 are due by October 31. The applicable forms include:
Form 138: TDS on salary, corresponding to the earlier Form 24Q.
Form 140: TDS on payments other than salary made to residents, corresponding to the earlier Form 26Q.
Form 144: TDS on payments to non-residents, corresponding to the earlier Form 27Q.
Form 143: TCS statement, corresponding to the earlier Form 27EQ.
Deductors and collectors should check the relevant form requirements before filing their quarterly statements.
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November 7: Deposit of TDS
TDS deducted during October must generally be deposited with the government by November 7, subject to applicable exceptions. Businesses should reconcile their deductions and ensure that the tax is deposited within the prescribed deadline.
November 15: Quarterly TDS certificates
Deductors must also track the deadline for issuing TDS certificates for the July-September quarter. For non-salary payments, Form 16A under the earlier framework has been replaced by Form 131 under the new framework.
November 30: Form 141
The challan-cum-statement for TDS deducted during October on specified transactions is due by November 30.
What should deductors keep in mind?
Mehta said deductors should determine whether a transaction falls under the Income-tax Act, 1961, or the Income-tax Act, 2025, before selecting the applicable form. The relevant framework depends on the transaction date.
Delayed filing of TDS or TCS statements can attract a late fee of ₹200 per day, apart from possible interest and penalty consequences under applicable provisions.
Deductors should reconcile tax deducted or collected, deposit the amounts on time, use the correct forms and issue certificates within the prescribed deadlines.