Furnishing of TCS Statement AY 2026-27

By | May 8, 2026
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Furnishing of TCS Statement

Persons responsible for collecting tax at source (TCS) must file quarterly statements in Form 27EQ by specified due dates. Government collectors depositing TCS without a challan must file Form 24G.

Forms for Filing TCS Returns

  • Form 27EQ: Quarterly TCS statement for all collectors.
  • Form 24G: For Government collectors depositing TCS without challans. A “Book Identification Number” (BIN) is generated upon submission.

Due Dates for Filing TCS Statements

o Q1 (April–June): July 15

o Q2 (July–September): October 15

o Q3 (October–December): January 15

o Q4 (January–March): May 15 (next financial year)

o March: April 30

o Other months: Within 15 days of the relevant month’s end.

Modes of Filing TCS Statements

Statements can be filed:

  • Electronically under digital signature.
  • Electronically with verification inForm 27A.
    Paper filing is restricted for government offices, companies, entities requiring tax audit underSection 44AB, and where collectees exceed 20.

Details Required for TCS Statements

The following information is needed:

  • Collector’s TAN and PAN (if applicable).
  • PAN/Aadhaar of collectees.
  • Challan/BIN details for tax deposited.
  • Details of amounts exempt from TCS under various provisions (e.g., imports, specified notified buyers).

Processing of Statements

Statements are processed to identify errors, calculate interest, and late fees. Adjustments for errors (arithmetical or apparent) are made. Intimations for dues must be cleared within 30 days.

  • Interest for Late Payment: Charged at prescribed rates.
  • Late Filing Fees: Rs. 200 per day underSection 234E, up to the total tax collectible.

Correction of TCS Statements

  • Until March 31, 2025: No time limit for corrections.
  • From April 1, 2025: Corrections limited to six years from the financial year of the original statement’s due date.

Penalties and Appeals

  • Penalty for Default: Rs. 10,000 to Rs. 1,00,000 underSection 271H for late filing or inaccurate information.
  • Appeals: Assessees can appeal before CIT(A) or apply for revision if aggrieved by adjustments made at the time of processing of TCS return.