Form 27EQ – All about TCS Return Form 27EQ, Features, Sections and Due Dates

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What is form 27EQ?

Form 27EQ is a quarterly statement form that contains all the details of the Tax collected at source from the collector and deducted from the buyers or payers in a specific period. Form 27EQ must be submitted at the end of every quarter from government and corporate collectors and deductors under section 206C of the Income Tax Act, 1961.  

A lot of people tend to get confused between Form 27Q and 27EQ. If you too usually get confused between the two, there is a simple way to remember which form is which. You must remember that form 27Q is relevant to quarterly TDS payments made to NRIs and foreigners except for salary statements under section 200(3) of the Income-tax Act, 1961, and form 27EQ is related to the quarterly TCS statement submitted by government collectors and deductors.

Features of Form 27EQ

Form 27EQ has some specific features apart from 27Q. Let’s have a look: 

  1. Form 27 EQ reveals every statement of the Tax collected at the source by the collector from the payer over the respective quarter
  2. This form falls under section 206C of the income tax act.
  3. This form needs to submit in every quarter by the deductor
  4. This form can only be submitted by the government and corporate deductors
  5. For government officials, it is mandatory to mention “PANNOTREQD” in the form
  6. The non-government officials need to mention the PAN details in the form 

Who can submit Form 27EQ?

The biggest problem all the business owners or people face is that they do not know who can submit what kind of form. Same is the case with Form 27EQ. Form 27EQ is related to the TCS statement, it specifies the quarterly statement of the tax collected at source from the buyers. Corporate and government authorities whose previous year’s turnover is more than Rs.10 Crore are supposed to pay and collect TCS. 

There are only a few people that are required to submit form 27EQ, here is the list of personnel who are required to fill the form: 

  1. Central Government
  2. State Government
  3. Local Authority
  4. Statutory Corporation or Authority
  5. Registered companies under the Companies Act
  6. Partnership firms
  7. Co-operative Societies
  8. Any person or HUFs who is supposed to get an audit on their accounting books for any financial year

Due Date of The Form 27EQ

The income tax department has set the due date to submit form 27EQ for every quarter in advance: 

 Form 27EQ Submission Quarterly

 Due Date

1st quarter ends at 30th June

31st July of every year

2nd quarter ends at 30th September

31st October of every year

3rd Quarter ends at 31st December

31st January of every year

4th Quarter ends at 31st March 

31st May of every year

Structure of The Form 27EQ

Form 27EQ is divided into 5 main sections, here we will tell you in detail about every section and its content. 

Section 1 

The first section demands all the necessary information of the deductor. Deductors must enter all the following details ask in this section. 

  1. Details of the TAN
  2. Details of the PAN card
  3. Mention the financial year for which you are submitting the form
  4. Mention the assessment year
  5. Mention the statement that already has been submitted for the quarter
  6. Mention the provisional receipt number of the previous statement of the current quarter that has been filed earlier 

Section 2 

This section is mainly for collectors. You will be needed to submit all the necessary information and details that is needed by the collector.   

  1. The name of the collector
  2. The branch or division of the collector, if applied
  3. Personal detail of the collector such as residential information, Phone number, and email address. 

Section 3 

This section requires the detail of the person who collected the tax at the time. 

  1. Name of the person who collected the tax
  2. Address of the person who collected the tax 

Section 4 

This section requires all the statements of the tax collected at the source for the respective quarter. Also need to mention the details of tax that has already been paid to the credit of the central government. 

  1. Mention the collection code
  2. State the amount that has been collected at the source (TCS)
  3. State the surcharge amount
  4. Describe the amount of the education cess
  5. Mention any other amount if applicable
  6. Mention the amount of interest levied
  7. Mention the total tax deposited amount of the respective quarter
  8. State the cheque number or demand draft number if required
  9. State the BSR code
  10. State the date on which tax has been deposited
  11. Mention the number of the transfer voucher or the Challan serial number
  12. Mention if any TCS has been deposited through a book entry 

Section 5 

In the last and final section, a collector or deductor has to mention all the details of the tax collected at the source and details of the amount that has been paid with the signatures in the separate sections. All the above details need to be mentioned in the annexure given on the following page.

Why It Is Necessary To Submit Form 27EQ?

Now, deductors and collectors must submit the form 27EQ on the electronic platform from where the deductor/ collector or seller can export these details while filing the TDS return form.  

Form 27EQ contains all detailed information of the amount collected and paid including surcharge, education cess, and amount of the interest that has been applied on goods of the particular sales for every statement in every quarter. The electronic transfer of this information helps to calculate the amount of the TDS return.

Download Form 27EQ

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