Understanding Form 27EQ: A Comprehensive Guide to Tax Collected at Source (TCS) Returns

Form 27EQ is a quarterly statement used to report Tax Collected at Source (TCS) in India. TCS is a mechanism where the seller of certain goods or services collects tax from the buyer at the time of purchase. The collected tax is then deposited with the government by the seller. This guide provides a comprehensive overview of Form 27EQ, including its purpose, due dates, and the process for filing.

Purpose of Form 27EQ

Form 27EQ is used to declare and pay TCS collected by businesses or individuals. It is mandatory for entities that have collected TCS during a particular quarter to file Form 27EQ within the specified due dates.

Due Dates for Filing Form 27EQ

The due dates for filing Form 27EQ vary depending on the quarter in which the TCS was collected. The following table summarizes the due dates:

Quarter Due Date
April – June 15th July
July – September 15th October
October – December 15th January
January – March 15th May

Procedure for Filing Form 27EQ

Form 27EQ can be filed online through the Tax Information Network (TIN) portal of the Income Tax Department. The following steps outline the filing process:

  1. Login to the TIN Portal: Visit the TIN portal (https://tin.tin.nsdl.com/oltas/index.html) and log in using your TAN (Tax Deduction and Collection Account Number).

  2. Select ‘e-TDS/TCS Returns’: From the main menu, navigate to ‘e-TDS/TCS Returns’ and select ‘Quarterly Returns’.

  3. Choose ‘Regular’: Under ‘Type of Return’, select ‘Regular’.

  4. Select Form 27EQ: From the list of available forms, choose ‘Form 27EQ’.

  5. Enter Return Details: Fill in the required details, including the quarter, TAN, and total TCS collected.

  6. Upload Challan: Upload the challan (payment receipt) for the TCS deposited.

  7. Validate and Submit: Validate the entered data and submit the return.

Consequences of Late Filing

Failure to file Form 27EQ on time can result in penalties and interest charges imposed by the Income Tax Department.

Form 27EQ plays a crucial role in the TCS compliance process. By understanding the purpose, due dates, and filing procedure of Form 27EQ, businesses and individuals can ensure timely and accurate reporting of TCS collected. This guide provides a comprehensive overview of Form 27EQ, empowering taxpayers to fulfill their TCS obligations effectively.

TDS and TCS return submit online for free, How to upload 26Q, 24Q, 27Q, 27EQ online


Who is required to file 27EQ?

When the seller collects tax from the buyer and pays it to the government. If the seller collects any such TCS, he/she is required to file Form 27EQ on a quarterly basis under section 206C of the Income Tax Act. All the Corporates, the Government, and all Tax collectors are required to submit Form 27EQ.

What is collection code form 27EQ?

Form 27EQ consists of all the details about the tax collected the source. This is a quarterly statement according to the Section 206C of the Income Tax Act, 1961. Corporate and government collectors and deductors are required to submit Form 27EQ.

What is form 24Q 26Q 27Q 27EQ?

Forms 24Q, 26Q, 27Q, 27EQ, 27D are all income tax return forms to declare Tax Deducted at Source (TDS) and have to be submitted to the Income Tax Department. Each one has a different purpose but connected with income tax. We have often been asked by our income tax lawyers or colleagues to fill in these forms in time.

What is the form of TCS in TDS?

Form 27A is a summary of e-TDS/TCS return (Form 24Q, 26Q, 27Q & 27EQ), which contains control totals of ‘Amount Paid’, ‘Income tax deducted at source’& ‘Tax Deposited (Total challan amount)’. The control totals mentioned on Form 27A should match with the corresponding control totals in e-TDS/TCS return file.

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.

What is form 27eq for TCS returns?

Primarily for TCS returns, Form 27EQ is a quarterly certificate that contains details of the Tax Collected at Source or TCS under Section 206C of the Income Tax Act, 1961. Here’s the complete guide to form 27EQ for TCS returns.

What is form 27q TDs return?

Form 27Q TDS return is a type of form that Indian companies or business individuals fill out when they make payments to non-resident Indians as salary. It is mandatory to deduct TDS (Tax Deducted at Source) from such payments.

What is tan form 27eq?

The form 27EQ is submitted on a quarterly basis. In this form it is mandatory to furnish TAN. It is the statement to show the Tax Collected at Source (TCS), which is the tax collected by the seller. When a buyer purchases certain goods or commodities, the seller collects the tax from the buyer through the TCS route.

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