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TDS & TCS Master – FY 2026-27 | Shah & Upadhyay, CA

Chartered Accountants

Shah & Upadhyay

TDS & TCS Master

Comprehensive guide covering revised sections, updated payment codes, new return forms, rate & threshold changes — all in one place.

As per Income Tax Act, 2025

Financial Year 2026-27

60+
Sections Covered
7
New Return Forms
194S
VDA Provisions
20%
Peak TDS Rate

Introduction & Key Changes

This document provides a simplified and structured summary of TDS and TCS provisions as per the updated Income Tax Act, 2025 — designed to help you understand key changes and apply them practically.

Major TDS Changes

Section Numbers Reorganized

Existing sections (192, 194C, 194J, etc.) reorganized under new references — Section 392, Section 393 tables

Payment Codes Revised

Codes standardized for better reporting and classification across all TDS categories

New Return Forms Introduced

24Q → 138, 26Q → 140, 26QC/26QB → 141, 27Q → 144, 27EQ → 143

Major TCS Changes

TCS Rates Revised

Certain TCS rates have been revised under the new provisions of the Act

Threshold Limits Modified

Applicability limits for TCS have been modified in specific cases

Aligned with New Formats

TCS provisions now aligned with updated reporting formats and payment codes

Purpose of This Document

Easy Understanding

New provisions simplified for quick grasp

Quick Comparison

Old system vs new system at a glance

Ready Reference

Compliance-ready data for daily use

Error Reduction

Minimize mistakes in filing returns

Old Forms vs New Forms

FY 2026-27 return form migration at a glance

24Q 138 TDS on Salary
26Q 140 Non-Salary TDS
26QC 141 TDS on Rent
26QB 141 Immovable Property
26EQ 141 Virtual Digital Assets
27Q 144 NRI Payments
27EQ 143 TCS Returns

Quick Reference

138 Salary
140 Most Common TDS
141 Special Transactions
144 NRI Payments
143 TCS

Note: Multiple old forms consolidated into one new form (e.g., 26QC & 26QB both → Form 141). Selection depends on nature of payment, residential status, and transaction type.

TDS Summary

Key sections with rates, thresholds, and form mapping — FY 2026-27

New Sec Ref Old Sec Code Category Nature of Payment Rate Threshold New Form Old Form

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Detailed TDS Master

Section-wise complete data as per Income Tax Act, 2025

Section Ref Table Sl. Old Sec Code Category Nature of Payment Rate Threshold New Form Old Form

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TCS Provisions

Tax Collected at Source — rates and thresholds under Section 394

20%
Highest TCS Rate (LRS - Other)
22
TCS Categories Listed
143
New TCS Return Form
Section Ref Old Sec Code Nature of Payment Rate Threshold New Form Old Form