27EQ TDS – TCS Return, Due Date & Filing Rules

Key Insights 

1. Make sure to submit Form 27EQ online every quarter before the deadline to avoid penalties.

2. Remember to report TCS on goods such as scrap, minerals, and any sales over ₹50 lakh, as this is required.

3. You can download Form 27EQ from tin-nsdl.gov.in and file it safely through the Income Tax e-filing portal.

If you are a seller or service provider required to collect tax from buyers, it is important to understand the Form 27EQ TDS return. This mandatory quarterly statement, distinct from Form 27q and 27eq, reports Tax Collected at Source (TCS) on specified transactions. 

Form 27EQ is your quarterly TCS ledger for sales subject to tax collection. For each taxable transaction, record the buyer's PAN, payment amount, TCS collected, and the applicable 27EQ TDS rate. 

Filing by the 27eq tds return due date ensures compliance and helps you avoid penalties under the relevant 27eq tds section.

Example:

As an e-commerce operator, I collected ₹50,000 from a seller under Section 206C(1H) and deducted TCS of ₹500 at 1%. I reported this in my Form 27EQ TDS return, which I filed 27eq tds online through the government portal, ensuring accurate accounting of all related form 27eq tds return data.

What is FORM 27EQ?

If a seller collects tax from a buyer and pays it to the government, they must file Form 27EQ TDS rate every quarter as required by section 206C of the Income Tax Act.

Corporations, government bodies, and all tax collectors must submit Form 27EQ.

TCS is collected on the following:

• Alcoholic Liquor for consumption by humans
• Tendu leaves
• Timber from a forest lease
• Timber obtained by methods other than a forest lease.
• Other forest produce, except for timber and tendu leaves
• Scrap material
• Minerals like coal, lignite, or iron ore
• Sale of goods when the amount is more than ₹50,00,000.

Form 27EQ is the main form businesses use when they are required to collect tax at source on certain high-value transactions.

Bonus Tip: Sale of new or used cars when the sale value is more than ₹10,00,000.

What is the process to download TDS return forms?

You can download TDS return forms from the official tin-nsdl website. Here’s how you can do it:

• Step 1: You need to enter the NSDL website.
• Step 2: Go to the top menu and select “Downloads.”
• Step 3: Choose “e-TDS/e-TCS.”
• Step 4: Go to Quarterly Returns and
• Step 5: Select “Regular.”
• Step 6: You’ll see a list of all forms. Click the form you need to download its PDF file.

You can easily get official TDS return forms on the NSDL portal. The site guides you through each step, so you have the right documents for compliance.

What are the ways in which TDS Returns can be filed?

You can file TDS returns online or offline. However, the Income Tax Department suggests filing online since it is quicker and more convenient.

Here are the steps for filing a TDS Return Online:
 

1. Visit the Income Tax India website and log in.
2. Enter your login details and click “login.” Your user ID is your TAN.
3. Once you are logged in, click on “Upload TDS” under the TDS tab.
4. Next, enter the statement details and click “validate.”
5. Upload the TDS zip file and attach the signature file created with the DSC management utility. Then, click the upload button.
6. When the TDS is uploaded, the screen will display a successful message. Also, a confirmation email will be sent to your registered email address.
7. The next step is to validate your TDS return by e-verifying it using an EVC or Aadhaar OTP (electronic verification code).
8. Then, choose the relevant option, enter the EVC, and click submit.

Now, you can file TDS returns securely and easily through the official online portal of 27eq tds online. This digital process helps every deductor stay compliant without hassle.

Conclusion

If you want to stay on top of TCS submission by learning about Form 27q and 27eq. File it online and submit it on time to avoid penalties. This form helps you handle tax collection for certain transactions, making things simpler for your business. Stay compliant to keep things running smoothly.

FAQS

What is this confusing 27eq filing?  

A “27EQ filing” is when you submit Form 27EQ, which is a quarterly statement required by Indian Income Tax to report tax collected at Source (TCS). Sellers or tax collectors use this form to show the tax they collected from buyers on certain goods or services, like liquor, timber, or tolls, and to confirm that the tax has been paid to the government as required by Section 206C. 

How can I download Form 16 after I have filed the Form 27Q TDS return?  

After you file Form 27Q, log in to the TRACES portal with your User ID (PAN) and password. Go to the Downloads tab, choose Form 16 or 16A, and enter the Financial Year, Quarter, and the deductee's PAN or other details. Submit your request, and once it is ready, download it from “Requested Downloads.”

What is a TDS return, and what are the types of TDS returns? 

A TDS (Tax Deducted at Source) Return is a quarterly statement that payers must file with the Indian Income Tax Department. It lists the taxes deducted from payments such as salaries, rent, or professional fees. This process helps collect tax at the source and allows the government to track income. 

What is TDS and its important? 

TDS, or Tax Deducted at Source, is a way for the government to collect tax right when income is earned, such as from salary, interest, rent, or fees. The person or company making the payment deducts the tax before giving the money to the recipient.