Form 27 C Rule 37 C

This query is : Resolved

Rajpreet Singh (Querist)
Follow

05 October 2008 Dear Sir,
Can a consolidated Form 27 C for a month for all the invoices during that month can be obtained from buyer for no collection of Tax. If buyer doesnt submit Form 27C before 7th day of next month then how seller of scrap can comply with section 206 to deliver the forms to commissioner

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

05 October 2008 If the form is not given purposefully file a writ mandamus,compelling the buyer to issue the form,before a court of law. The case law Lakshmi Narayan Engineers Vs secretary,KSEB & anr (1989) 178 ITR 230 (ker),though delivered in a different IT section,may help you in this regard.

Rajpreet Singh

Rajpreet Singh (Querist)
Follow

07 October 2008 Dear sir,
Can a consoldiated form 27c obtained from the buyer for all the invoices raised during a particular month, or it should only be obtained for each invoice seperately

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

25 July 2024 Form 27C is typically obtained for each transaction or invoice separately rather than in a consolidated manner for all invoices raised during a particular month. Here’s why and how it should be obtained:

### Form 27C Overview:
Form 27C is a declaration provided by the seller to the buyer stating that their income is below the taxable limit and hence no tax needs to be deducted at source under Section 206C of the Income Tax Act, 1961. It serves as a proof that the buyer is not required to deduct TDS from the payment made to the seller.

### Procedure for Obtaining Form 27C:
1. **Transaction-specific Declaration**: Form 27C should ideally be obtained for each transaction or invoice separately. This ensures that there is clarity and specificity regarding which transaction the declaration pertains to.

2. **Details Required**: The form includes details such as the seller’s name, address, PAN, nature of transaction, and the value of goods or services involved. These details are typically specific to each invoice or transaction.

3. **Verification**: The buyer should verify the authenticity of the details provided in Form 27C. It’s important to ensure that the seller meets the criteria for not deducting tax at source.

4. **Documentation**: Keep a copy of Form 27C along with other transaction-related documents for record-keeping and audit purposes.

### Consolidated Form 27C:
While it might seem convenient to obtain a consolidated Form 27C for all invoices raised in a particular month, this practice may not be in line with the intended purpose of the form. Each Form 27C should accurately reflect the specific transaction it pertains to, ensuring that there is clarity and compliance with tax laws.

### Conclusion:
To comply with the provisions of Section 206C and to avoid any potential issues during tax assessments or audits, it is advisable to obtain Form 27C separately for each invoice or transaction where tax deduction at source is not applicable. This approach ensures transparency and correctness in tax compliance processes.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Somnath Maiti

Shantaveeresh Manur

S D Kannan

adarsh chaturvedi

Dinesh kumar

Subscribe Now

Form 27 C Rule 37 C

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA