Form 27EQ

What is FORM 27EQ?

Quarterly statement of collection of tax at source under section 206C of the Income?tax Act. Form 27EQ contains all the details related to tax collected at source.

  1. * All the Corporates, Government and all Tax collectors are required to submit Form 27EQ.
  2. * Deductor category as per Annexure 1,
  3. * Collection code as per Annexure 2 and
  4. * Remarks for no or lower collection as per Annexure 3

What are the ways in which TDS returns can be filed?

(i) Offline process of filing the TDS return:

  • STEP 1: TIN NSDL website provides the file format (Return Preparation Utility) or the data structure in which e-TDS or e-TCS return is to be prepared.
  • STEP 2: When files are prepared as per the file format (Return Preparation Utility), then the file has to be verified by using File validation utility(FVU) as provided by NSDL.
  • STEP 3: If there are any errors then FVU will generate errors report, the file has to be verified again through FVU.
  • STEP 4: The generated .fvu file has to be submitted at TIN-FC. The TDS return (.fvu file) has to be saved in pen drive/CD and shall be submitted along with form 27A and shall be duly signed by the authorised signatory.

(ii) Online process of filing the TDS return:

  • STEP 1: TIN NSDL website provides the file format (Return Preparation Utility) or the data structure in which e-TDS or e-TCS return is to be prepared.
  • STEP 2: When files are prepared as per the file format (Return Preparation Utility), then the file has to be verified by using File validation utility(FVU) as provided by NSDL.
  • STEP 3: If there are any errors then FVU will generate errors report, the file has to be verified again through FVU.

Steps For IMPORT EXPORT CODE (IEC) Application

TDS form 27EQ, How to file Form 27EQ, how to file TDS return

Uses of MSME Registration/Udyog Aadhaar

  1. 1. Collateral free loans from Banks.
  2. 2. Ensure increased production of consumer goods in the small scale sector. Expand employment opportunities through setting up of small scale industries.
  3. 3. It has made very easy for enterprises that are having MSME Certificate to obtain Licenses, approvals and registrations on any field for their business from the respective authorities as they can produce the Certificate of MSME Registration while making application.
  4. 4. At present, IT units in public IT Parks are exempted from stamp Duty and Registration fees upto 31st March 2006. Now all new industrial units having MSME Registration and expansions will be exempted from payment of Stamp Duty and Registration fees.
  5. 5. Enterprises that have MSME Registration can enjoy Direct Tax Exemption in the initial year of business, as mention in the scheme by Government and depending on business activity.
  6. 6. The Ministry of Micro, Small and Medium Enterprises gives protection to MSME Registered Business against delay in payments from Buyers and right of interest on delayed payment through conciliation and arbitration and settlement of dispute be done in minimum time. If any micro or small enterprise that has MSME registration, supplies any goods or services, then the buyer is required to make payment on or before the date agreed upon between the buyer and the micro or small enterprise. In case there is no payment date on the agreement, then the buyer is required to make payment within fifteen days of acceptance of good or services. Further, in any case, a payment due to a micro or small enterprise cannot exceed forty-five days from the day of acceptance or the day of deemed acceptance. In case of failure by the buyer to make payment on time, the buyer is required to pay compound interest with monthly interest rests to the supplier on that amount from the agreed date of payment or fifteen days of acceptance of goods or service. The penal interest chargeable for delayed payment to a MSME enterprise is three times of the bank rate notified by the Reserve Bank of India.
  7. 7. Enterprises that have MSME Registration have preference in procuring government tenders. Special treatment is given to MSME Registered organization while making application for government tenders.
  8. 8. Enterprises that have MSME Registration Certificate can avail 50% subsidy for patent registration by making application to respective authority, etc.