Form 27EQ - TCS Return? Detailed Explanation

In Form 27EQ all the details regarding the tax that has been collected at source is mentioned. As per the guidelines of Section 206C of the income tax act, the 27EQ form needs to be filed on a quarterly basis. Government collectors, companies and deductors, all have to file this form. In this blog we will discuss Form 27EQ.

Features

The various features of Form 27EQ are listed below:

1. Form 27EQ is filed under Section 206 of the income tax act.
2. Form 27EQ needs to be filed every quarter.
3. Form 27EQ provides the details of the amount of tax that has been collected at source.
4. The TAN details of the individual should be mentioned in Form 27EQ.
5. Every government employer must mention “PANNOTREQD” in Form 27EQ.
6. A non-government employer will have to fill out the PAN details in Form 27EQ.

Submission

The individuals who need to submit Form 27EQ are listed below:

1. Collectors and deductors belonging to government sector
2. Collectors and deductors belonging to corporate sector

Due Dates

The due date for the submission of Form 27EQ are listed below:

1. For that quarter which is ending on June 30, the due date is July 31.
2. For that quarter which is ending on September 30, the due date is October 31.
3. For that quarter which is ending on December 31, the due date is January 31.
4. For that quarter which is ending on March 31, the due date is May 31.

Form 27EQ Contents

Form 27EQ contains five section which are listed below:

Section 1:

This section is dedicated to deductors. They have to enter the details that are given below:

1. Details of TAN
2. Details of PAN
3. Financial Year
4. Assessment Year
5. In case an statement has been filed for the concerned quarter
6. In case the statement has been filed, then the original statement’s provisional receipt number will be needed.

Section 2:

This section is dedicated to Collectors, they have to enter the details listed below:

1. Name of the collector
2. The branch or division of the collector
3. The personal details of the collector such as address, phone number, email ID, etc.

Section 3:

This section is related to the individual who is responsible of collecting the tax:

1. Name of the individual
2. Address of the individual

Section 4:

Under this section, the details related to the tax that has been collected at source and the tax that has been paid to the central government’s credit is mentioned.

1. Collection Code
2. TCS collected
3. Surcharge amount
4. Education cess
5. Interest levied
6. Any additional amount
7. Total amount of tax deposited
8. Cheque number or number of demand draft
9. The BSR Code
10. Date of tax deposition
11. Challan serial number or number on the transfer voucher
12. If TCS is deposited via book entry.

Section 5:

Under this section, the details of collected tax and the amount of tax paid needs to be mentioned by the taxpayer along with appropriate signatures.

Conclusion

In this blog, we discussed in detail Form 27EQ and TCS Returns. We also discussed the features, submission, due dates and various sections of Form 27EQ.