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.
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.
Following are the sections covered in Form 27EQ
Form 27EQ is required to be filed on quarterly basis. The following are the due dates for filing form 27EQ
The following are the details required for Form 27EQ filing
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