“Form 27EQ”

Overview Form 27EQ

Form 27EQ is a mandatory tax form for an Entity’s or an Individual’s Tax Return, filed to report the taxes paid by the Entity to the authorized tax department. It is generally an Income Tax Return filing form, which needs to be filed annually to ensure compliances to the Income Tax Department.

Form 27EQ has components for both Direct Taxes (Income Tax Return) and Indirect Taxes (Goods and Services Tax). Filing of both are mandatory for every Entity or Individual to ensure the correct documentation of details as per the tax regulations.

Form 27EQ must be accompanied with all the necessary documents like copies of return, receipt of Tax Declaration, Bill of Entry, Invoice, challan, etc. All the documents must be filed in the electronic format or the printed format. Once the forms are filed, the taxes are calculated and the return should be filed from the return filing portal of the respective state.

Purpose and Usage of Form 27EQ

Form 27EQ is a mandatory tax document for Individuals or Entities filing Tax Returns with the authorized tax department. It is mainly used to declare the taxes paid by the taxpayer on their total income. It helps the tax department to assess the Income Tax Returns of an Entity or an Individual for the previous financial year accurately.

Information Required in Form 27EQ

Form 27EQ requires essential list of information such as the name of the taxpayer, age, occupation, principal place of business or profession, name of the authorized representative, and partnership details. The form also contains a field for the balance sheet, total income, deductions and tax computation. Additionally, the form must be accompanied with all the necessary documents like copies of return, receipt of Tax Declaration, Bill of Entry, Invoice, challan, etc.

FAQs

What is Form 27EQ?

Form 27EQ is a mandatory tax form for an Entity’s or an Individual’s Tax Return, filed to report the taxes paid by the Entity to the authorized tax department. It is generally an Income Tax Return filing form.

Who needs to file 27EQ?

Entities or Individuals filing Tax Returns must file 27EQ with the authorized tax department in order to report their taxes paid on their total income of the previous financial year.

What is form 27Q of income tax?

Form 27Q is a mandatory Income Tax return (ITR) form that Individuals or Entities need to fill and file with the Income Tax Department. It helps the department assess the tax returns of each taxpayer accurately. It is filed after filling the details related to the taxpayer such as name, age, occupation etc. and details related to the total income, deductions and tax computation.

Also See: Form 27Q