Under income tax laws in India, taxpayers have been made liable to deduct tax at source of payments made to Non-Resident Indians (NRIs). Form 27Q acts as the statement of this tax deduction of payments made to NRIs. In this guide, we will talk about this form in detail.
See also: Tax implication on NRIs property sale in India
What is Form 27Q?
Form 27Q is the TDS return statement for the non-salary payments made to an NRI and foreigners. Once the TDS return is filed, the TDS deductor must issue NRI Form 16A or a TDS certificate. The TDS certificate must be sent to the NRI within 15 days of the deadline for filing TDS returns for the relevant quarter.
Form 27Q sample
Details in Form 27Q
The following details are included in Form 27Q:
Payer details
- PAN
- TAN
- Contact details
- Name
- Address
- Financial year
- Assessment year
- Original statement or the receipt number of the return already filed
Payee
- PAN
- Telephone number
- Email ID
- Address
- Contact number
- Name
- Branch of the division
Challan
- TDS amount
- BSR code
- Collection code
- Tax deposit date
- Method of TDS deposition
- Education Cess amount
- Amount of interest
- Total tax deposit
- Number of demand draft or cheque
Deduction
- PAN
- Amount of TDS
- Name of the tax collector
- Amount paid to payee
Due dates for filing TDS of a fiscal
- April-June or Quarter 1 July 31
- July-September or Quarter 2 October 31
- October-December or Quarter 3 January 31
- January to March or Quarter 4 May 31
FAQs
What is TDS?
TDS is tax deducted at source.
What is the meaning of TDS?
Income tax laws in India has provisions for tax deduction at source to check evasions. This type of tax deduction is known as tax deduction at source (TDS).
Who is liable to deduct TDS?
TDS is deducted by the company making the payment.
On what kind of payments TDS is deducted?
TDS is imposed on several kinds of payments, including salary, rent, commission, brokerage, commission, professional fees, interest, etc.
What is TDS return?
A TDS return is a statement of taxes paid during a quarter. The statement is submitted by the deductor to the Income Tax Department.
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