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TDS Return-27Q (Foreign Payments)
All about TDS Return (Foreign Payments)
Form 27Q is for the TDS return filing on
Non-resident payments. TDS must be deducted at the time of making the
payment to the Non-residents. TDS deducted by the deductor should be
deposited by challan for the TDS payment on or before the 7th of next month in
which the TDS is deducted.
Once the TDS is deposited, the buyer needs to file
TDS return by submitting the Form 27Q. TDS returns are filed quarterly within 30 days (next month of quarter end).
Exchange rate for TDS on a non-resident is set by
the Reserve Bank of India (RBI). The day, on which TDS is required to be
deducted, rates of that day should be considered.
Due Dates for filing TDS Returns
1st Quarter (April-June) – Till July 31st
2nd
Quarter (July to September)- Till October 31st
3rd
Quarter (October to December) - Till January 31st
4th
Quarter (January to March) – Till May 31st