TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI
TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI
TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI
TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI

Form-27Q

Form 27Q: TDS Return on Payments to NRIs

According to the Indian Taxation Code, every individual or organisation is supposed to pay an amount as tax on their earnings before the money is actually credited in their account. This form of tax is called TDS, or Tax Deducted at Source. With this methodology, the government is able to formulate earnings through the provisions of TDS. It is governed by the rules and regulations formulated by the Central Board of Direct Taxes (CBDT under the Income Tax Act, 1961.

The income can be regular or irregular, the tax will be deducted at source in both scenarios. TDS, as the name suggests, is applicable to multiple sources of income salary, rent, commission, interest, etc. TDS is deducted by the payer i.e. the person making the payment before the balance amount is given to the receiver.

Our Scope of work

  1. Preparation of Form-27Q
  2. Filing with Authorities
  3. Obtaining GSTIN
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TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI
TDS form 27Q, How to file Form 27Q, TDS rate chart for NRI

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Know more about Form-27Q

Form 27Q is the statement of the return for the non-salary payments done to an NRI. The Indian buyer is required to submit the form 27Q at every quarter before the due date. As per the Financial Budget of 2016, on-Resident Indians who do not have a PAN number are not supposed to pay a higher rate of TDS. Form 27Q comprises of the details in regards to the payments made to a non-resident in that quarter by the payer.

Under Section 195, there are two parties involved in a TDS payment:

  • Payer: The payer is an individual, organization, HUF, etc. who makes the payment to the NRI and is responsible for deducting TDS before transferring the amount to the Non-Resident Indian.
  • Payee: The payee is the individual who receives the income. The residential status of the payee should be according to Section 6 of the I.T Act.

TDS returns under form 27Q does not include payments like dividend paid to NRI, salary and interest income as mentioned under sections 195LB/LC/LD.

The details of the payer, payee, challan, and deduction are required to be filled in the Form 27Q. The details are as given below:

  • The Payer
    • Name of the Payer
    • Address
    • PAN Number
    • TAN Number
    • Contact Details
    • Financial Year
    • The Year of Assessment
    • An Original Statement or Receipt Number of the return already filed previously in the same quarter
  • The Payee
    • Nameof the Payee
    • The branch of the division for collection
    • Complete Address
    • Contact number
    • PAN Number
    • Telephone number
    • Email ID
  • Challan
    • The Serial number of Challan
    • TDS amount
    • Surcharge amount
    • BSR Code
    • Education Cess amount
    • Amount of Interest
    • The Total of Tax Deposit
    • The number of Demand Draft or Cheque (if applicable)
    • The collection code
    • The tax deposit date
    • Method of TDS deposition
  • Deduction
    • Name of the Tax Collector
    • PAN Number
    • Amount paid to the Payee
    • Amount of TDS deducted

If the PAN number of the NRI is not available, then the details such as TIN (Tax Identification Number), country of residence, permanent address, contact details, and email ID should be mentioned in Form 27Q.

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