Hiral Vakil
Form 27A is a simple form containing a summary of quarterly e-TDS/TCS return. The deductor must sign it and fill it in a paper along with a return at the nearest TIN Facilitation Center. It has particulars of deductor/collector, total amounts of TDS/TCS. Furthermore, it also has particulars related to total tax deposited against the total number of deductees or party records.
The TDS/TCS file validation Utility (FVU) generates the form after successful validation of the return. Filing a separate form for each e-TDS/TCS statement is important.
While submitting this form, one should ensure that:
It is the summary of the TDS/TCS return. It has to be signed by the responsible person who is designated to sign the same.
It must be signed and filed in a paper by deductor along with a return at the nearest TIN Facilitation Center.
31st of subsequent month of Quarter is due date to file return. If you revise within due date of normal filling then no interest or penalty. If on reveision after due date a liability is raised then such liability needs to be paid with interest and penalty.
Hey @HarshitShah
Yes, in case you have not deposited TDS by the due date, the following penalties might be applicable:
Interest (if you do not deposit the TDS amount in time)
Late filing fee (if you do not file by the deadline)
Penalty (if TDS is not filed within one year of the due date)
Hope this helps!
Hey @HarishMehta
Form 24, 27 and 27E are forms to file TDS/TCS returns:
Form 24 is to file TDS return detailing Salary Payments
Form 27 is to file TDS return detailing Foreign or NRI payment other than salary
Form 27E is to file TCS returns
Hope this helps!
Hi @KrishnaAgarwal
Hey @taxpayer, you can file your Income-tax return can claim the tax refund for any excess tax credits available to you.
If your total taxable income is below the basic exemption limit then you won’t have any tax payable.
You can check the total tax credits available to you in your Form 26AS