Form 27c
This query is : Resolved
30 January 2014
Dear Sir,
I Wanted to know when is a buyer suppose to give Form 27C under the Income tax Act.
I Wanted to know when is a buyer suppose to give Form 27C under the Income tax Act.
srinivas reddy
(Expert)
30 January 2014
As per recent amendment, Department have levied 1% TCS on sale of Iron Ore to traders. However, no TCS is required to be collected if the Iron Ore is sold to manufacturer and the same manufacturer gives a declaration in Form-27C to the seller. Further, it is the responsibility of the seller to submit that Form-27C to the Income Tax Department before 7th day of the next following month
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