The person collecting tax on or after the 1st April' 2005 in accordance with the foregoing provisions Section 206C (1) shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare Quarterly Statements for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year and deliver or cause to be delivered to the prescribed income-tax authority, or the person authorized by such authority, such statement in Form 27EQ.

Such Form should be delivered or cause to be delivered to the prescribed income-tax authority or person authorized by such authority quarterly on or before quarterly statement in Form No. 27EQ on or before the 15th July, the 15th October, the 15th January in respect of the first three quarters of the financial year and on or before the 30th April following the last quarter of the financial year.