What is Form 27eq?
From 27eq is a statement every quarter containing the information about the tax collected at the source, i.e., TCS, at the last part of the quarter according to the Income Tax Act 1961 under Section 206C. The meaning of TCS is the collection of tax by the seller. It has been made compulsory to offer TAN, i.e., Tax Deduction Account Number in form 27eq. For the deductors who are not involved in government procedures, i.e., non-government deductors, the furnishing of PAN i.e., Permanent Account Number, is mandatory in form 27eq. While in the case of the government deductors, the mandatory code has to be provided in form 27eq, i.e., PANNOTREQD code.
Who are the ones who will be submitting Form 27eq?
- Corporate collectors and deductors
- Government collectors and deductors
