Form 143 Replaces Form 27EQ: New Quarterly TCS Return for Collectors. Accordingly, the Income Tax Department has commenced to replace Form 27EQ with Form 143 as the new quarterly statement for Tax Collected at Source (TCS). Effective 1 April 2026, this change shall be in force in accordance with the Income-tax Act, 2025 and Income-tax Rules, 2026. What is Form 143? Form 143 is the revised quarterly return that must be filed by every person responsible for collecting TCS on specified transactions such as:
Sale of scrap
- Liquor and forest produce
- Parking lots/toll plazas
- Mining and quarrying
- Overseas remittances
- Foreign tour packages
- Sale of goods under applicable TCS provisions
It replaces the earlier Form 27EQ with a more simplified technology-enabled framework. Key Changes in New Form 143. Compared with old Form 27EQ, Form 143 establishes:
1. Simplified Structure. Form 143 is divided into:
Part A – Collector Details. Part B – TCS Payment Details. Annexure – Collectee-wise Transaction Details. Better digital filing better than before. This new format consists of:
Auto-populated fields. Standardized drop-down selections. Reduced repetitive data entry. Better validation checks. Better Accuracy & Compliance with guidelines. The new version reduces manual errors and improves transparency in reporting. Filing Due Dates of Form 143. Due Date of Report Q1 Apr–Jun 31 July Q2 Jul–Sep 31 October Q3 Oct–Dec 31 January Q4 Jan–Mar 31 May. Transition Rule. Q4 FY 2025–26 (Jan–Mar 2026) will still be filed in the pre-existing Form 27EQ. Form 143 will remain in force from Q1 FY 2026–27 and onwards (Apr–Jun 2026 quarter). Why This Change Matters. The substitution of Form 27EQ by Form 143 is a part of CBDT’s modernization:
Simplify tax compliance. Improve filing efficiency. Reduce duplication. Enable smoother digital processing. Companies that collect TCS should modernize their accounting and compliance systems to avoid filing mistakes. Source: Notification of Form 143 via Income Tax Department official website and FAQs.
