Updated on: November 15th, 2024 2:20 PM

Form 27EQ - TCS Return

Form 27EQ contains all details pertaining to tax that is collected at source. According to Section 206C of the Income Tax Act 1961, this form must be filed every quarter. The form has to be submitted by both the corporate and government collectors and deductors. In this article, we look at Form 27 EQ in detail.

Features of Form 27 EQ

The following are the characteristic features of Form 27 EQ.

• Form 27 EQ specifies the tax that has been collected at source and deducted by the payer.
• The form falls under Section 206 of the Income Tax.
• The form is collected on a Quarterly basis.
• An individual's TAN details have to be mentioned in the form.
• It is mandatory for a government employer to mention 'PANNOTREQD' in the form.
• Similarly, a non-government employer has to mention the PAN details in the form.

Submission of Form 27 EQ

The following people are required to submit Form 27 EQ.

• Corporate deductors and collectors
• Government deductors and collectors

Due Date

The due dates for submitting Form 27 EQ is given below.

Form 27 EQ	Due Date
For the quarter ending on 30th June	31st July
For the quarter that is ending on 30th September	31st October
For the quarter that is ending on 31st December	31st January
For the quarter that is ending 31st March	31st May

Contents of Form 27 EQ

The form contains five sections namely Section 1, Section 2, Section 3, Section 4 and Section 5.

Section 1

This section is for the deductor, where he/ she has to enter the following details.

• TAN Details
• PAN Details
• The financial year
• The assessment year
• If a statement has already been filed for the quarter in question
• If a statement has been filed then the provisional receipt number of the original statement will be required

Section 2

This section is for the collector, where he/ she has to enter the following details and information.

• The collector's name
• The collector’s branch or division, if applicable
• The collector’s personal details like Residential Address, Phone number and E-Mail ID.

Section 3

This section is for the person who is in charge of collecting the tax.

• The individual’s name
• The individual’s full address

Section 4

This section has to be filled with information pertaining to the tax that is collected at source and the tax that is paid to the credit of the Central Government.

• Collection code
• The amount of Tax Collected at Source (TCS)
• The Surcharge amount
• Amount of Education Cess
• The amount of interest that has been levied
• Any other amount
• Total tax deposit amount which is the sum of the aforementioned amounts
• Cheque number or Demand Draft number if applicable
• The BSR code
• The date on when the tax amount was deposited
• The number mentioned in the transfer voucher or the challan serial number
• If the Tax Collected at Source has been deposited via book entry

Section 5

In this section, the taxpayer has to mention the details of the tax that has been collected and the details of the amount that has been paid with appropriate signatures. All details have to be entered in the annexure that is provided with the form.