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Form 27EQ TCS Report in Tally.ERP 9 

Form 27EQ is the Quarterly Return Statement for TCS which every corporate and government entity responsible for collection of tax at source should furnish TCS Returns containing details of collectee(s) and challan details relating to deposit of tax with the Income Tax Department.

The Form 27EQ report in Tally.ERP 9 assists you in generating accurate the returns to be filed.

The report can be drilled down to the voucher entry level to display complete information of each transaction.

The Form 27 EQ report can be filed with accurate information available in this report. It has three main sections:

1.  Statistics of Vouchers

2.  Collection  Details

3.  Payment Details

To generate the Form 27EQ

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27EQ

2.  Click F1 : Detailed .

The statistics screen appears as shown below:

Form 27EQ TCS Report in TallyERP9
(Fig-32)

1. Statistics of Vouchers (TCS) of Form 27 EQ in TallyERP9

This section displays the total number of transactions pertaining to a period which are categorised as Included , Excluded and Uncertain Transactions .

Statistics of Vouchers in Form 27EQ Report in TallyERP9
(Fig-33)

(A) Total Number of Transactions in Form 27EQ Report

The statistics report displays the count of each voucher type used for recording transactions under Total Number of Transactions , Included Transactions ,  Excluded Transactions ,  and  Uncertain Transactions .

To display the statistics report

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27 EQ .

2.  Select Total Number of Transactions .

3.  Press Enter to view all transactions for the period.

Total Number of Transactions in Form 27EQ Report in TallyERP9
(Fig-34)

4.  Select any voucher type and press Enter to view the Voucher Monthly Register .

5.  Select any month and press Enter to view Voucher Register .

6.  Select the required voucher.

7.  Press Enter to edit the voucher.

(B) Summary of Included Transactions (TCS) in Form 27EQ Report in Tally.ERP9

All the TCS payment to department till date which is applicable for the report period, will be listed as Included Transactions under this section.

To view the Included Transactions Details

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27 EQ .

2.  Select Included Transactions , and press Enter .

The Included Transactions Details screen appears as shown below:

Summary of Included Vouchers in Form 27EQ Report in TallyERP9
(Fig-35)

Transaction Types

  • Booking Voucher: Displays the count of booking voucher that are recorded without TCS deduction to book the expenses.
  • Booking with Collection Voucher: Displays the count of booking voucher that are recorded with TCS to book the expenses.
  • Collection Voucher: Displays the count of all the collection entries passed during the report period.
  • Advance Receipt: Displays the count of all the advanced receipts received to the party against the service that will be availed in the future.
  • Reversals: Displays the count of all the entries recorded for TCS reversal.
  • Overridden by User: Displays the count the TCS vouchers that were recorded and saved by overwriting the pre-defined tax details.

(C) Summary of Excluded Transactions (TCS) in Form 27EQ Report in Tally.ERP9

Excluded Transactions Details screen displays the count of all transactions not being considered for generating the returns.

To view the Excluded Transactions Details

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27 EQ

2.  Select Excluded Transactions .

3.  Press Enter .

The Excluded Transactions Details screen appears as shown below:

Summary of Excluded Transactions (TCS) in Form 27EQ Report in TallyERP9
(Fig-36)

To view the transactions grouped under each category

1.  Select the category or voucher type as applicable.

2.  Press Enter . The Excluded Voucher screen will display the list of excluded vouchers for the selected voucher type.

3.  Select the transaction and press Enter to view it in alteration mode.

(D) Summary of Uncertain Transactions (TCS) in Form 27EQ Report in Tally.ERP9

Uncertain Transactions Details screen displays all the transactions that do not fulfill the criteria of the Included Transaction and Excluded Transactions categories. A voucher will be listed as uncertain when there is insufficient information entered in masters and transactions.

To view the Uncertain Transactions Details

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27 EQ .

2.  Select Uncertain Transactions , and press Enter .

Summary of Uncertain Transactions (TCS) in Form 27EQ Report in TallyERP9
(Fig-37)

2. Collection Details Transactions (TCS) of Form 27 EQ in TallyERP9

This section displays the type of collection under which each of the Included transaction is grouped. Collection details are classified into:

Collection Details (TCS) in 27EQ Report in TallyERP9
(Fig-38)

  • Collection at Normal Rate

  • Collection at Zero/Lower Rate

  • Under Exemption limit

The assessable value, tax deductible, and the tax collection for transactions grouped in the above categories are displayed here.

To view the Deduction Details

1.  Go to Gateway of Tally > Display > Statutory Reports > TCS Reports > Form 27EQ .

2.  Select the required collection under Collection Details , and press Enter .

The Collection Details screen appears as shown below:

Collection Details Transactions (TCS) of Form 27 EQ in TallyERP9
(Fig-39)

To view the PAN number of each deductee

1.  Click F12:Configure .

2.  Set the option Show PAN Number? to Yes .

The Deduction Details screen with PAN numbers appears as shown below:

Collection Details Transactions (TCS) with PAN in Form 27 EQ in TallyERP9
(Fig-40)

3. TCS Payment Details Transactions in Form 27EQ Report in Tally.ERP9

The Payment Details section contains the statistics of all TCS payments (deemed or actual) that exist in the data till date. This will not contain any of the payment entries that are not related to the current period. Any payment entries other that TCS payment entry will not appear here. It displays all the payment entries recorded for interest, penalty, late fee, and so on. These other payment entries for interest, penalty, and late fee, and so on are displayed under Other Payments . Payments made to party, petty expenses, or any statutory payments other than that of TCS are not displayed here.

Payment Details Transactions (TCS)  in Form 27EQ Report in TallyERP9
(Fig-41)

The section will display the payments under two heads:

(A) Included Transactions

All the TCS payment to department till date which is applicable for the report period are listed as Included Transactions under this section.

(B) Not Included Transactions

Payment transactions that may possibly be TCS payments, but cannot be ascertained due to missing information, will be listed here. Transactions will be listed here under the following circumstances:

  • The Duty Type has not been set for the duty ledger

  • The type of TCS Payment is not available. That is, whether the payment is made towards Late Fee, Interest, Income Tax, Surcharge, Education Cess, Secondary Education Cess, or Other Payments.

  • Details of the bank where the payment has been made is unavailable.

  • The period for which the payment is made is not available.

  • The payment entry has not been linked to a deduction entry.

  • The payment amount has not been rounded off. As per rules, TCS payments need to be rounded off figures.

 
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