Revised due dates for submitting Form 27EQ and other changes

Form 27EQ must be submitted for tax collected at source (TCS) under section 206 of the Income Tax Act. Due dates for submitting Form 27EQ have been revised.

( Nature of goods on which tax is required to be collected at source have been laid out in Section 206. Percentage of rate of tax collection is also specified.)

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REVISED DUE DATES 

Form Due Date
Form 27EQ for quarter ending 30th June 31st July
Form 27EQ for quarter ending 30th September 31st October
Form 27EQ for quarter ending 31st December 31st January
Form 27EQ for quarter ending 31st March 31st May

 

NOTE: Since these rules apply from 1st June 2016, the statement for quarter ending on 31st March 2016 have to be submitted by 15th May.

There is no change in the due date of 15th May for quarter that ended on 31st March 2016.

 

Other changes are listed below –

  • Rules where TDS is deposited without challan (changes to Rule 30)
    • If TDS has been deposited without a challan, the person to whom TDS has been reported for depositing to the government – such a person will issue Form 24G to the agency authorised by the Principal Director of income tax (systems). (Rule 30 sub rule (4).
    • Such Form 24G must be issued within 15 days from the end of the relevant month.
    • If Form 24G pertains to month of March, it must be submitted on or before 30th April (sub rule (4A)).
    • Form 24G must be issued (a) electronically under digital signature (b) electronically alongwith verification in Form 27A (c) or verified through an electronic process as prescribed (sub rule (4B)).
    • Person referred to in bullet 1 shall inform the Book Identification number generated to each of the deductors for whom the sum deducted has been deposited.
    • The Principal Director General of Income Tax (Systems) shall specify the procedure for furnishing and verification of statement Form 24G.

 

  • Rules where TCS under section 206C is deposited without challan (changes to Rule 37CA)
    • If TDS has been deposited without a challan, the person to whom TDS has been reported for depositing to the government – such a person will issue Form 24G to the agency authorised by the Principal Director of income tax (systems).
    • Such Form 24G must be issued within 15 days from the end of the relevant month.
    • If Form 24G pertains to month of March, it must be submitted on or before 30th April.
    • Form 24G must be issued (a) electronically under digital signature (b) electronically alongwith verification in Form 27A (c) or verified through an electronic process as prescribed.
    • Person referred to in bullet 1 shall inform the Book Identification number generated to each of the deductors for whom the sum deducted has been deposited.
    • The Principal Director General of Income Tax (Systems) shall specify the procedure for furnishing and verification of statement Form 24G.

 

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