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:
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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).
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Select ‘e-TDS/TCS Returns’: From the main menu, navigate to ‘e-TDS/TCS Returns’ and select ‘Quarterly Returns’.
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Choose ‘Regular’: Under ‘Type of Return’, select ‘Regular’.
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Select Form 27EQ: From the list of available forms, choose ‘Form 27EQ’.
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Enter Return Details: Fill in the required details, including the quarter, TAN, and total TCS collected.
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Upload Challan: Upload the challan (payment receipt) for the TCS deposited.
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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
FAQ
Who is required to file 27EQ?
What is collection code form 27EQ?
What is form 24Q 26Q 27Q 27EQ?
What is the form of TCS in TDS?
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.