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What is Form 27EQ

What is 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.

  • It is mandatory to mention the TAN in this form.
  • The declaration is a Quarterly statement of collection of (TCS) tax at source.
  • The form is made under the section 206C of the Income Tax Act.
  • It is compulsory for non-Government deductors to mention the PAN in the form.
  • For Government deductors, “PANNOTREQD” has to be mentioned.
  • The deductor category needs to be indicated based on the Annexure 1.
  • If the deductors are Central Government, the Ministry/Department has to be mentioned. The same goes for the State Government.
  • TCS is basically the tax that is collected by Seller from Buyer of certain goods when debiting the amount payable to the account of buyer by buyer or when receiving the amount from the buyer in the form of cheque, cash, demand draft or other modes of payment for selling certain prescribed goods as per Section 206C (1) for the purpose of business and not for personal use.

Who is required to submit Form 27EQ?

The following entities are required to submit Form 27EQ

  • Corporate deductors and collectors
  • Government deductors and collectors

What are the 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.

Find Your 27EQ Form here:Form_27EQ