Detail information required for form 27 c

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Saniket Gorakh Shirsath (Querist)
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09 August 2011 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. 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

CS Bijoy

CS Bijoy (Expert)
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10 August 2011 Declaration under sub-section (1A) of section 206C of the Income-tax Act,1961 to be made by a buyer for obtaining goods without collection of tax.

Instractiona for filing

Note:
1.Give complete postal address.

2. The declaration should be furnished in duplicate.

3.Delete whichever is not applicable.

4.Indicate the capacity in which the declaration is furnished on behalf of a
Hindu undivided family, association of persons, firm etc.

5. Before signing the verification, the declarant should satisfy himself that the
information furnished in the declaration is true, correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961, and on conviction be punishable -

(i) in a case where tax sought to be evaded exceeds one lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine;

(ii) in any other case, with rigorous imprisonment which shall not be less
than three months but which may extend to three years and with fine.

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