Section 206C(1) requires that sellers of certain goods are required to collect tax from the buyers at specified rates. The sellers are required to collect taxes and file the returns in Form 27EQ.
It is the responsibility of Seller (Collect) to collect the taxes, pay the taxes to Government and file the TCS returns in Form 27EQ . Buyer is called Collectee.
Authored by COE Team, EZTax
Last Reviewed: Apr 23rd 2025
This document covers
- What is Form 27EQ?
- Sections covered in Form 27EQ
- Due Dates for Filing Form 27EQ
- Details required for Form 27EQ
- Form 27D
- Next Steps
1. What is Form 27EQ?
Form 27EQ is TCS Return. Form 27EQ is a quarterly Statement of collection of tax at source on payments received. The person collecting the tax at source is required to prepare TCS quarterly statement in Form 27EQ and required to submit to NSDL.
More on Form 27EQ & Services
2. Sections covered in Form 27EQ
Following are the sections covered in Form 27EQ
- Sec 206CA (A) - Alcoholic liquor for human consumption
- Sec 206CB (B) -Timber obtained under a forest lease
- Sec 206CC (C) - Timber obtained under any mode other than forest lease
- Sec 206CD (D) - Any other forest product not being timber or tendu leave
- Sec 206CE (E) – Scrap
- 206CF (F) - Parking Lot
- 206CG (G) - Toll Plaza
- Sec 206CH (H) -Mining and Quarrying
- Sec 206CI (I) -Tendu leaves
- Sec 206CJ (J) -Collection at source from on sale of certain Minerals
- Sec 206CK (K) -Collection at source on cash case of Bullion and Jewellery
- Sec 206CL (L) -Sale of Motor vehicle
- Sec 206CM (M) -Sale in cash of any goods
- Sec 206CN (N) -Providing of any services
- Section 206CO(O) -Overseas Tour Program Package
- Section 206CP(P) - Remittance under LRS for education loan taken from financial institution mentioned under section 80E
- Section 206CQ(Q) - Remittance under LRS (for purpose other than for purchase of overseas tour package or for education loan taken from financial institution mentioned under section 80E)
- Section 206CR(R) - Sale of Goods
NEW NOTE :
CBDT has issued notification regarding the applicability of TCS on sale of following goods @ 1% of the value exceeds Rs 10 lakhs and it is effective from 22nd April 2025
- Any Wrist Watch
- Any art piece such as antiques, painting, sculpture
- Any collectibles such as coin, stamp
- Any Yacht, Rowing boat, Canoe, Helicopter
- Any pair of sunglasses
- Any bag such has handbag, purse
- Any pair of shoes
- Any sportswear and equipment such as golf kit, ski-wear
- Any Home Theatre system
- Any horse for horse racing in race clubs and horse for polo
3. Due Dates for Filing Form 27EQ
Form 27EQ is required to be filed on quarterly basis. The following are the due dates for filing form 27EQ
- For April to June – July 15
- For July to Sep – Oct 15
- For Oct to Dec – Jan 15
- For Jan to March – May 15
4. Details required for Form 27EQ
The following are the details required for Form 27EQ filing
- TAN and PAN of Collector (Seller).
- Address of Collector (Seller).
- PAN and Address of Responsible Person (Director in case of Pvt Ltd, Partner in case of Partnership/LLP. Proprietor in case of Proprietorship).
- Challans Paid.
- Name and Pan of Collectees.
- Date of Receipt and amount of Receipt.
- Collection Code (A/B/C/D/E/F/G/H/I/J/K/L/M/N/O/P/Q/R).
- Rate of tax Collection.
- Date Of tax collection.
Form 27D is the TCS certificate to be issued by Seller (Collector) to Buyer (Collectee) in respect of tax collected in respect of payment received. Form 27D should be given by the Seller to Buyer within 15 days of Form 27EQ filing unless due dates extended
6. Next Steps
Contact Team EZTax.in to prepare TDS and file your taxes either through Expert Services or through Online Software @ EZTax.in TDS
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