we sale coal to party ( manufacturing unit) in month of july'2012 vide invoice no. 1015 & 1018 dt. 10/07/12 &18/07/12 respectively .
my party said he give me 27C form instead of 1% of TCS. pl. guide me form 27C will be received by party is once in a month or year or against every invoice.
20 August 2012
As per Income Tax rule 37C Declaration by a buyer for no collection of tax collection at source under section 206C(1A) Your buyer give you Declaration in Form 27C for no deduction of TCS. But you have to take it monthly basis. you should have to take it on or before 7th of next month.
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