“Form 27Q”

Overview of Form 27Q

Form 27Q is a document that is required to be filed by employers and other deductor entities that need to withhold and pay taxes deducted at source. This document includes details on the withholding of taxes on behalf of the payee, such as the name of the employer, taxpayer identification number, type of income, tax deducted, category of payee, and the amount and details of deductions.

Form 27Q is one of the forms of the TDS return, which is the statement regarding applicable taxes deducted at source and paid by an employer or other deductor to the government. The purpose of Form 27Q is to assist with the efficient collection and management of such taxes and aid in the detection of tax fraud and other forms of tax evasion. In addition to this, Form 27Q helps to ensure that businesses and individuals comply with the applicable laws.

Form 27Q needs to be filed along with TDS challan, which contains basic details of the deduction made by the employer or other deductor, the transaction-related information, and the TDS return form. TDS return forms and Form 27Q are both required in order to complete the filing process and meet statutory deadlines.

Purpose and Usage of Form 27Q

Form 27Q is intended to provide information regarding the taxes deducted at source and paid by employers or deductor entities to the government. By filing Form 27Q along with TDS return forms, businesses and other deductor entities are able to submit their statutory taxes to the government, keep records of their transactions, and meet the statutory deadlines.

Information required in Form 27Q

Form 27Q requires the following information:

• Name of the employer or deductor entity: the name of the employer or deductor entity responsible for withholding taxes.
• Taxpayer identification number (TIN): the deductor’s TIN associated with the PAN.
• Type of income: the type of income from which the tax was deducted.
• Category of payee: the category of payee, i.e. whether it was an individual, HUF, trust, company, etc.
• Tax deducted/collected: the amount of tax deducted/collected from the payee.
• Amount of deductions: the amount deducted from the payee’s salary or income as tax, as given in the appropriate challan or other form.
• Details of deductions: information regarding the type of deductions made, and the amount deducted in each category, such as educational cess, surcharge, etc.

FAQs

What is Form 27Q?

Form 27Q is a document that is required to be filed by employers and other deductor entities that need to withhold and pay taxes deducted at source. This document includes details on the withholding of taxes on behalf of the payee such as the name of the employer, taxpayer identification number, type of income, tax deducted, category of payee, and the amount and details of deductions.

Who has to file Form 27Q?

Form 27Q is required to be filed by employers and other deductor entities that need to withhold and pay taxes deducted at source.

What is TDS type 27Q?

TDS type 27Q is the TDS return form that contains information regarding applicable taxes deducted at source and paid by employers and other deductor entities. Form 27Q needs to be filed along with TDS challan in order to complete the filing process and meet statutory deadlines.

Also See: Form 27EQ