27EQ: Comprehensive Guide on TDS Return
27EQ is a quarterly return form that contains details on the tax collected at the source. Both corporate and government collectors and deductors have to file every quarter. This form is notified in Section 206C of the Income Tax Act 1961. Form 27EQ informs about the tax collected and paid to the federal government in a financial year. This article will guide you on who has to file 27EQ, what details it contains, and other information for the TCS return form.
27EQ Form Details
The TCS return form is categorized into 5 sections, and each section contains a separate set of details.
Section 1
- PAN/TAN Details
- Financial year
- Assessment year
- Whether a statement is already filed in the previous quarter or not
- If such a statement is filed, then provide the provisional receipt number of the original statement
Section 2
- Name of the collector
- Branch and division of the collector (if applicable)
- Collector’s personal and residential details such as full address, telephone number, and e-mail address
Section 3
- Individual’s name
- Full address
Section 4
- Collection code
- TCS amount
- Surcharge amount
- Education cess
- Interest charged
- Any other amount
- Total tax deposit
- Cheque number or demand draft, if applicable
- BSR code
- Date on which the tax amount is deposited
- Transfer voucher number or the challan serial number
- If the tax collected at the source was deposited via book entry
Section 5
The taxpayer has to provide details on the amount paid and the TCS collected along with a signature. Other details have to be mentioned based on the annexure attached to the form.
Due Dates to File Form 27EQ
| Quarter | Period | Due Date |
| 1st | 1st April to 30th June | 15th July |
| 2nd | 1st July to 30th September | 15th October |
| 3rd | 1st October to 31st of December | 15th January |
| 4th | 1st January to 31st March | 15th May |
If TCS is not paid by the due date, it attracts penalties and a late fee applicable based on each delayed day. The maximum penalty could be Rs 1,00,000 and the late fee is Rs 200 for each delayed day. The late fee can be equivalent to the TCS amount payable.
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Filing 27EQ on time ensures smooth compliance and better functioning of the business. It helps in the effective management of taxation for both the government and the end consumer.
For any kind of finance and taxation-related advice, reach out to the team of TaxDunia. Our personalized solutions cater to the unique needs of your diversified clientele base. Let us connect now to reap better results in the future.
