According to Section 206C of the Income Tax Act of 1961, Form 27EQ is a quarterly statement that includes information and details about tax collected at the source (TCS) at the conclusion of each quarter. The tax that the seller collects is known as TCS. It is required to provide TAN on this form. It is mandatory for non-government deductors to provide their PAN. The code “PANNOTREQD” must appear on the form for government deductors.
To whom must Form 27EQ be submitted?
- Deductors and collectors for corporations
- Deductors and collectors for the government
