Form 27EQ: TCS on Income

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By Hiral Vakil on March 9, 2019

What is Form 27EQ?

Form 27EQ is a TCS Return/ Statement holding information of Tax Collected at Source by seller while receiving payments from buyer on specified goods. It is required to be submitted quarterly on or before the due date. Details of Tax Collected and paid to the credit of central government are covered in Form 27EQ.

List of specified goods on which TCS is collected

Following are the goods on which tax is collected at source:

  • Alcoholic Liquor for human consumption
  • Tendu leaves
  • Timber obtained under a forest lease
  • Timber obtained by any mode other than under a forest lease
  • Any other forest produce not being timber or tendu leaves
  • Scrap
  • Minerals, being coal or lignite or iron ore
  • Bullion if consideration exceeds Rs. 2 lakhs or Jewellery if consideration exceeds Rs. 5 lakhs. (Or on any amount which is received in cash)
  • Sale of Cars (New and Old) when sale is above Rs. 10 lakhs.
  • Sale of any goods in cash exceeding Rs. 2 lakhs.
  • Providing any service (other than one on which TDS has been deducted) exceeding Rs. 2 lakhs.

What are the details required to file Form 27EQ?

Following details are required to file Form 27EQ:

EntityDetails
Collector / SellerTAN, PAN, Name, Address and Contact Details.
Responsible PersonName, PAN, Address and contact Details
ChallanChallan serial number, BSR Code, TDS, Surcharge and Education Cess paid
DeductionName of Buyer, PAN, Total value of purchase, TCS amount collected and deposited.

What is the due date to file Form 27EQ?

Due date for Payment of TDS deducted on salary for every month is 7th of the next month. For the month of March, it is 30th April of the next year.

Due date for filing of Form 27EQ for every quarter is as follows:

QuarterPeriodDue date for filing Form 26Q
Q11st April – 30th JuneOn or before 31st July
Q21st July – 30th SeptemberOn or before 31st October
Q31st October – 31st DecemberOn or before 31st January
Q41st January – 31st MarchOn or before 31st May