Form 27EQ is a quarterly statement that mentions details and information regarding tax collected at the source (TCS) at the end of every quarter as per Section 206C of the Income Tax Act 1961. TCS is the Tax collected by the seller. In this form, it is mandatory to furnish TAN. 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.
Who is required to submit Form 27EQ?
- Corporate deductors and collectors
- Government deductors and collectors