Form No. 143 (Earlier Form No. 27EQ)

Form No. 143 – Quarterly Statement of collection of tax at source under section 397(3)(b) of the Act for the quarter ended..(Tax Year)

Purpose:

Form No. 143 is a quarterly statement filed by collectors to report Tax Collected at Source (TCS) under various provisions of the Income-tax Act, 2025. It covers collection of tax at source on specified goods and transactions such as scrap, tendu leaves, liquor, forest produce, parking lot, toll plaza, mining & quarrying, overseas remittance, foreign tour packages, sale of goods and others. Form No. 143 is filed under Rule 219 of the Income-tax Rules, 2026.

Who Should File:

Every collector (seller, operator, or authorized person) responsible for collecting tax at source on specified transactions such as sale of motor vehicles, scrap, liquor, tendu leaves, foreign remittances, or e-commerce transactions.

Frequency & Due Dates:

Structure of Form No. 143:

⮚ Part A:

Particulars of the Collector: Type of Collector, Name, Address, PAN, TAN, and contact information of collector.

Particulars of the person Responsible for Collection of Tax: Name, Address, PAN, and contact information.

⮚ Part B: Details of Tax Collected and Paid to Central Govt. (i.e. Total Tax, Interest, Fee, Mode of Payment, BSR Code, Date of Deposit, Challan Serial No. and Minor Head, etc.).

⮚ Annexure: Collectee wise break up of TCS: PAN, Name, Status, Amount received / receivable, Date of amount received/debited, Tax collected, Tax Deposited, Date of Collection, Rate, Reason for Lower Collection / Collection at higher rate, Certificate Number u/s 395(3), etc.

Form No. 143 has a single annexure, filed for all four quarters, capturing collectee-level TCS information.

Documents/details required to file the Form No. 143:

1. Copies of challans paid to the credit of central government.
2. PAN details of all collectees.

Filing Count:

On average, about 6-7 lakh original forms have been filed annually over the last five years.

Process flow of filing Form No. 143:

The process flow includes following steps-

1. Collection of tax from buyers at the time of debit or receipt of payment.
2. Payment of collected tax to the credit of the Central Government within the time limits prescribed under Rule 218 of the Income-tax Rules 2026.
3. Preparation of the quarterly TCS statement (Form No. 143) using RPU (Return Preparation Utility) from TIN-NSDL.
4. Validation of the file using the File Validation Utility (FVU). In case of no errors, the utility will provide a .fvu file as result.
5. The resultant .fvu file is to be uploaded online at e-filing website or physically at TIN FC centre.
6. After successful submission of the statement at either e-filing website or physically at TIN FC centre, the data is inwarded at CPC-TDS and the statement is processed as per the provisions of the Income-tax Act, 2025.

Outcome of Processed Form No. 143:

For Collector

The resultant of processing of TCS statement can be without default or with defaults. In case of statements processed with default, the collectors are required to file correction statements after making payment of default (if required).

For Collectees

⮚ Based on Form No. 143 data, TRACES generates Form No. 133 (TCS Certificate, earlier Form 27D under Income-tax Act, 1961).

⮚ Collector must issue Form No. 133 to the buyer/collectee within 15 days from the due date of filing Form No. 143.

⮚ Once processed, the collected TCS reflects in the collectee’s Form No. 168 / AIS as “TCS by collector”.

⮚ Collectees can claim this TCS amount as credit against their final tax liability while filing their ITR.

Brief note on broad or qualitative changes proposed:

1. Key updates include the following

• replacement of outdated fields (e.g., Token No. replaced with Return Receipt  Number, and deletion of TAN Registration No.),
• streamlining of entries (removal of surcharge and cess details now consolidated under challan/Book Adjustment), and
• redundant references removed to simplify interpretation.
• explanatory notes have been provided to guide users in completing the form accurately.

2. The revised Form No. 143 will be a smart one to enhance user experience and providing ease of filing through

a. auto-population/pre-filling of relevant details using information available from the Collector’s TRACES profile.

b. real time validations & error handling

c. drop downs & date pickers

d. integration with APIs & Databases

e. Check box based smart verification

f. Standardization of name & address fields etc.

Common Changes made across Forms:

1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address and PAN have been separated into different boxes.
2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
3. Changes in Sections, Clauses and Schedules have been aligned as per the Income-tax Act, 2025.
4. Currency symbol “Rs.” has been replaced with “₹”.