In this session we have discuss about TCS Return filing. Forms 27EQ is a quarterly statement that mention details and information regarding tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.
Who is required to submit Form 27EQ?
The following entities are required to submit Form 27EQ
- Corporate deductors and collectors
- Government deductors and collectors
Contents of Form 27EQ
Section 1:
This section requires the deductor to fill in the following information:
- TAN Details
- PAN Details
- The financial year
- The year of assessment
- Whether a statement has already been filed previously for the quarter in question
- If such a statement has been filed then the provisional receipt number of the original statement will have to be provided
Section 2:
Under this section the following details and information of the collector will have to be filled in:
- The name of the collector
- The collector’s branch or division, if applicable
- The collector’s personal and residential details such as:
- Full address
- Telephone number
- E-Mail address
Section 3:
This section will contain the following details and information of the person in charge of tax collection
- The individual’s name
- The individual’s full address
Section 4:
This section is to be filled with the following information regarding the tax collected at source and subsequently paid to the credit of the Central Government:
- The collection code
- The amount of Tax Collected at Source (TCS)
- The surcharge amount
- The amount of Education Cess
- The amount of interest charged
- Any other amount
- The total tax deposit, which is the sum of the above mentioned amounts
- The cheque number or Demand Draft number if applicable
- The BSR code
- The date on which the tax amount was deposited
- The transfer voucher number or the challan serial number
- If the Tax Collected at Source was deposited via book entry