TDS/TCS Q1 return due July 31: old forms 24Q, 26Q, 27Q are now 138, 140, 144

If you deducted tax at source anytime between April and June 2026 — as an employer, a landlord withholding TDS on rent above ₹50,000/month, a buyer of property over ₹50 lakh, or a business paying professionals or contractors — your Q1 TDS/TCS return is due on 31 July 2026, just three days away.

The forms have new numbers this year

With the Income-tax Act, 2025 now in force, the familiar quarterly forms have been renumbered effective 1 April 2026:

Purpose	Old form	New form
TDS on salary	Form 24Q	Form 138
TDS on resident non-salary payments	Form 26Q	Form 140
TDS on payments to non-residents	Form 27Q	Form 144
TCS statement	Form 27EQ	Form 143

The statutory basis has also shifted, from Sections 200(3)/206C(3) of the old 1961 Act to Section 397 of the Income-tax Act, 2025, under the new Income-tax Rules, 2026. Old form numbers still apply for corrections to transactions up to 31 March 2026 — don’t mix old and new numbers for the same period.

One change worth noting: the TCS statement (Form 143) now follows the same 31 July deadline as the TDS forms, instead of its earlier 15th-of-the-month schedule.

What it costs to miss the deadline

• Late filing fee (Section 234E): ₹200 for every day of delay, capped at the total TDS/TCS amount deducted for that quarter.
• Penalty (Section 271H): a separate penalty of ₹10,000 to ₹1 lakh for failing to file, or for filing an incorrect statement — this can apply on top of the daily fee.
• Interest on late deposit: if the tax itself was deducted but not deposited on time, interest runs at 1.5% per month (or part of a month) from the date of deduction to the date of actual payment.

A deductor who pays the outstanding TDS/TCS along with applicable fees and interest, and files within one year of the due date, can avoid the Section 271H penalty — but the daily late fee still applies from day one.

Why this matters even if you’re not the one filing

Delays on the deductor’s side directly affect the deductee. Your TDS credit only shows up in Form 26AS and the Annual Information Statement (AIS) once the deductor files this return — so a late Q1 filing by your employer, tenant-side deductor, or client can mean your tax credit doesn’t reflect correctly when you check your prefilled ITR data later this year. If your 26AS looks incomplete for the April-June quarter, it’s worth following up with the deductor before assuming the credit is lost.

Source: ClearTax — TDS return filing due dates and penalties; TaxUpdate.in — New TDS/TCS return forms for FY 2026-27.