Declaration by a buyer for no collection of tax at source under section 206C(1A
This query is : Resolved
01 November 2022
As per Section 206C(1A) -
(1) A declaration under sub-section (1A) of section 206C to the effect that any of the goods referred to in the Table in sub-section (1) of that section are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes shall be in Form No. 27C and shall be verified in the manner indicated therein.
(2) The declaration referred to in sub-rule (1) shall be furnished in duplicate to the person responsible for collecting tax.
(3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) on or before the seventh day of the month next following the month in which the declaration is furnished to him.
My doubt is that what would happen if we don't deliver one copy of declaration to Chief Commissioner or Commissioner as per Clause (3) above.
(1) A declaration under sub-section (1A) of section 206C to the effect that any of the goods referred to in the Table in sub-section (1) of that section are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes shall be in Form No. 27C and shall be verified in the manner indicated therein.
(2) The declaration referred to in sub-rule (1) shall be furnished in duplicate to the person responsible for collecting tax.
(3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) on or before the seventh day of the month next following the month in which the declaration is furnished to him.
My doubt is that what would happen if we don't deliver one copy of declaration to Chief Commissioner or Commissioner as per Clause (3) above.
02 November 2022
As it is mandatory to file TCS return online now; there is no harm if the form is not submitted physically.
02 November 2022
We will file TCS return but if we are not able to deliver the copy of the declaration to the Chief Commissioner or Commissioner, is there any harm ?
02 November 2022
Though Commissioner of Income tax has right to penalize the assesses for non-compliance, but generally assessee is given chance to submit the required document/s.
02 November 2022
Thank you sir for your valuable reply.
02 November 2022
You are welcome..
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