Form 27EQ: TCS on Income

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’.

Got Questions? Ask Away!

  1. 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!

  2. 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!

  3. Hi @KrishnaAgarwal

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