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Form 27EQ: TCS on Income

Hiral Vakil

2019-03-09 08:51:33

TDS

TDS Returns & Forms

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:

Entity	Details
Collector / Seller	TAN, PAN, Name, Address and Contact Details.
Responsible Person	Name, PAN, Address and contact Details
Challan	Challan serial number, BSR Code, TDS, Surcharge and Education Cess paid
Deduction	Name 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:

Quarter	Period	Due date for filing Form 26Q
Q1	1st April – 30th June	On or before 31st July
Q2	1st July – 30th September	On or before 31st October
Q3	1st October – 31st December	On or before 31st January
Q4	1st January – 31st March	On or before 31st May

FAQs

What is Form 27EQ?

Form 27EQ – TCS Return 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.

What is the difference between Form 26Q and Form 27Q?

The Form 27Q is submitted by the deductor every quarter and is relevant for TDS u/s 200(3) of the Income Tax Act of 1961. Form 26Q is used for TDS on additional income such as interest, bonus, or any other sum owed to NRI or foreigner.

How do I get Form 27A?

The Form 27A is generated by TDS/TCS FVU (File Validation Utility). Form 27A is automatically created upon the successful generation of the FVU file of TDS/TCS Return. Form 27A contains particulars of Name and TAN of deductor and control totals of ‘amount paid’ and ‘income tax deducted at source’.