“Easily file your TCS return with Form 27EQ. Simplify tax compliance and reporting for hassle-free transactions.”
Tax Collected at Source (TCS) is a tax collected from the buyer and paid to the government by the seller. According to Section 206C of the Income Tax Act 1961, if the seller has collected the tax then they are required to file a TCS return in Form 27EQ. The form has to be submitted by both corporate and government collectors and deductors.
What is Form 27EQ?
Form 27EQ is a TCS Return/ Statement holding information on Tax Collected at Source by the seller while receiving payments from the buyer on specified goods. Basically, details of Tax Collected and paid to the central government are covered in Form 27EQ. It is required to be submitted quarterly on or before the due date.
Who is Required to submit Form 27EQ?
The following entities are required to submit Form 27EQ
- Corporate deductors and collectors
- Government deductors and collectors
Contents of Form 27EQ
Section 1:
This section requires the deductor to fill in the following information:
- TAN Details
- PAN Details
- The financial year
- The year of assessment
- Whether a statement has already been filed previously for the quarter in question
- If such a statement has been filed then the provisional receipt number of the original statement will have to be provided
Section 2:
Under this section the following details and information of the collector will have to be filled in:
- The name of the collector
- The collector’s branch or division, if applicable
- The collector’s personal and residential details such as:
- Full address
- Telephone number
- E-Mail address
Section 3:
This section will contain the following details and information of the person in charge of tax collection
- The individual’s name
- The individual’s full address
Section 4:
This section is to be filled with the following information regarding the tax collected at source and subsequently paid to the credit of the Central Government:
- The collection code
- The amount of Tax Collected at Source (TCS)
- The surcharge amount
- The amount of Education Cess
- The amount of interest charged
- Any other amount
- The total tax deposit, which is the sum of the above mentioned amounts
- The cheque number or Demand Draft number if applicable
- The BSR code
- The date on which the tax amount was deposited
- The transfer voucher number or the challan serial number
- If the Tax Collected at Source was deposited via book entry
Section 5:
Under this section details of the tax that has been collected as well as details of the amounts that have been paid are to be mentioned along with the relevant signatures. All relevant details are to be entered in the annexure provided with the form.
FAQs
When is Form 27EQ due for filing?
Form 27EQ is typically due for filing quarterly. The due dates for filing vary depending on the quarter for which the return is being filed. The due dates are usually July 15, October 15, January 15, and May 15 for the quarters ending June, September, December, and March respectively.
What transactions are covered under Form 27EQ?
Form 27EQ covers transactions where tax is collected at source, such as sale of goods, provision of services, sale of scrap, sale of minerals, and other specified transactions as per the Income Tax Act.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Complete CA Services
RERA Services
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | 194r | ec tamilnadu | 194a of income tax act | 80ddb | aaple sarkar portal | epf activation | scrap business | brsr | section 135 of companies act 2013 | depreciation on computer | section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 | rtps | patta chitta