Express TDS - FORM 27EQ for TCS RETURN
Express TDS - FORM 27EQ for TCS RETURN
Form 27EQ refers to the quarterly statement of TCS that reflects the details of the TDS u/s 206C of the Income Tax Act of 1961. It can also be called as the statement that furnishes the Tax Collected at Source (TCS).
Procedure for Preparation of FORM 27EQ for TCS RETURN
Click on Create new return ,the application auto-populates the fields like, Return Type , Financial Year , Quarter and form type
Select Respective Quarter
Select Financial Year from drop down
Select Form type 27eq
Now click on "work on"
Regular Statement - Challan Detail for payment made through challan/Transfer voucher
Now Provide all the basic details
Enter 7 Digit BSR code of receiving branch
Enter 5 Digit challan serial number
select the mode of deposit
Minor head -For TDS payable by taxpayer select '200' or select '400' for TDS regular assessment raised by income Tax Dept. Refer note 1 below
User can also import the details of the unconsumed challan from the traces website
Utilization of challan: A single challan can be utilized across all Forms (i.e. Form 24Q, 26Q, 27Q & 27EQ). Challan date can be any date on or after 1st April of immediate previous financial year for which the return is prepared. Example – Challan of `5000/- has been paid in Governments account. Out of `5000/-, `2500/- utilized for Q1 of Form 24Q for FY 2013-14, now remaining `2500/- can be utilized in any other quarter of for any other Form
Now add deductee record
- Mention Deducree Name
- Mention 10 digit pan number
- Mention 10 digit Deductee reference number (in pan number not available)
- Mention deductee type (company/non company)
Note: Red star fields are mandatory
Regular statement - Deductee details (Annexure I)
Now click on "Go to Deductee Transactions first "
- Select Challan Entry
- Select collection code
- Mention the date on which amount is receive/collection
- Amount Purchases/ amount received
- Mention the tax detail
- And "save" the detail
If you select Map challan later then follow below process to map challan.
Click on next
Select deductee transaction and drag and drop in challan your deductee transaction will mapped
Validating the regular statement
Now click on fvu generation
If any error(s) appear in the file, the
error/response file will display the error location and error code along with error description.
On successfully passing the validations, 27eq
Q .fvu &
Form 27 A will get generated.
Hope this Helps
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