Form 27E Applicability

This query is : Resolved

Share Report Follow Query Ask a Query

praveen

praveen (Querist)
Follow

28 December 2023 Dear All,

Please suggest me the applicability of Form 27E under Income Tax Act, 1961.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

14 January 2024 Form 27EQ

It is a quarterly statement that furnishes the details and information of the tax collected at source as per section 206C of the Income Tax Act of 1961.
The form 27EQ is submitted on a quarterly basis. In this form it is mandatory to furnish TAN.
It is the statement to show the Tax Collected at Source (TCS), which is the tax collected by the seller. When a buyer purchases certain goods or commodities, the seller collects the tax from the buyer through the TCS route. This tax is collected on the payment received from the buyer either in cash, credit, cheque, demand draft or from any other mode of payment.
It is to be furnished by corporate deductors and collectors but not by government deductors and collectors. It is compulsory to furnish PAN by the deductors who are non-government deductors. For government deductors, the code “PANNOTREQD” has to be mentioned on the form.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now