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FORM 27C OF TCS (Income Tax)

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This query is : Resolved


( Author )
15 June 2010

Respected All members,

I want to know about form 27C a declaration form for non deduction of TCS on purchase of scrap etc. Its details procedure for submiting with department.

And if possible pls. provide its soft copy also.

With Kind Regards
Bishnu deo sharma

mail: bishnu_jsr@rediffmail.com


Member (Account Deleted)

( Expert )
16 June 2010

Specified goods: - Specified goods are those goods, sale or purchase of these goods attracts TCS. There are only some of goods which attract TCS and the list of these items is as follows.
1- Alcoholic liquor for human consumption.
2- Timber
3- Tendu leaves.
4- Forest produce other than timber and tendu leaves.
5- Scrap or waste.
Tax Rate: - Rate of TCS is different from one item to other. The rate of TCS is as follows.
- Alcoholic liquor for human consumption 1%(one percent)
- Timber 2.5%(two point five percent)
- Tendu leaves. 5%(five percent)
- Forest produce other than timber and tendu leaves.2.5%(two point five percent)
- Scrap or waste. 1%(one percent)
- There is also a surcharge of 10% on the rate of tcs given above.
- Educational cess @ 2% on basic surcharge.
- Secondary and Higher educational cess@1% on basic surcharge amount.
TCS Exemption:-
- The tcs will be zero or exempt when the buyer buys the goods for manufacturing or reproduction and not for sale.
- In this condition the buyer supplies Form 27C to the seller mentioning that he is the not a trader
and will reprocess the goods which are purchased with duly stamped and signature.
- The seller needs to deliver copy of Form 27C to the commissioner of income tax.
TAN: - Every person who collects tax means the seller needs to apply for TAN no. and the TAN Number should be written to all challans, Forms & certificate of TDS/TCS.
This TAN number will combine work for TDS/TCS.
The seller need to deposit the tax amount within one week from the last day of the month in which the amount received of TCS with challan no. 281 also used for tds. The seller also need to issue a certificate to the buyer of TCS Form 27 D which can be issued monthly or six monthly basic.
Return: - the seller who collected TCS need to deposit return with Form 27EQ quarterly.
You can download the form from depicted link:

http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form27C.pdf


BISHNU DEO SHARMA

( Author )
16 June 2010

Thanks Mr. Mishra for your breif reply.

But I want to know also that when we have to collect Form 27C from the purchaser, monthly, quarterly or annualy and any time limit for getting form 27C and and also any time limit for submitting these form 27 c with department.

With kind regards


Member (Account Deleted)

( Expert )
17 June 2010

I have sent calender at your mentioned e-mail, please check it and revert in case you need any further clarification.


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