Form 27Q is a Quarterly return for deduction of tax in respect of payments made to non-residents other than salary. The Form 27Q report in Tally.ERP 9 assists you in generating accurate returns to be filed.
To generate Form 27Q
1. Go to Gateway of Tally > Display > Reports > Form 27Q.
2. Click F1: Condensed.
The Form 27Q report has three sections: Statistics of Voucher, Deduction Details, and Payment Details.
All transactions, whether recorded correctly, incorrectly, or inadequately will be captured and categorized in the Form 27Q report as follows:
These are transactions that will be a part of Form 27Q. Transactions that will be considered as Included for generating Form 27Q are:
● Booking entries, with or without TDS deduction
● TDS deduction entries
● Advance payments made to parties
● TDS adjustment entries (in the case of government entities)
● Entries accounting for TDS reversals and TDS deduction w.r.t escalations and de-escalations
These are transactions that do not carry the TDS details that are requisite to generate Form 26Q, and hence will be excluded while generating the form. Transactions that will be considered as Excluded for generating Form 26Q:
● All entries where TDS is not applied
● Entries recorded using any of the following Voucher Types:
o Payment
o Contra
o Inventory Vouchers
o Sales Order
o Purchase Order
o Debit Note (recorded for purchases with no TDS implications)
o Credit Note (entries with no TDS implications)
o Vouchers marked as Optional
o Payroll Vouchers
These are transactions that do not fulfill the criteria of the Included and Excluded categories. A voucher will be listed as Uncertain when there is insufficient information entered in:
● Masters
● Transactions
This section denotes the type of deduction under which each of the Included transaction is grouped. Deduction details are classified into:
● Deduction at Normal Rate
● Deduction at Higher Rate
● Lower Rated Taxable Expense
● Zero Rated Taxable Expense
● Under Exemption Limit
● Exempt in lieu of PAN Available
The assessable value, tax deductible, and the tax deducted for transactions grouped in the above categories are displayed here.
This will contain the statistics of all TDS 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 TDS payment entry will not appear here.
This section will display the payments against two fields:
● Included Transactions
● Excluded Transactions
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