14 August 2010
Dear Experts, To claim exemption u/s 206(1A) of the income tax where the assessee need not collect TCS from the sale of scrap if the buyer uses it for manufacturing or processing or producing some other things or articles. For this the buyer has to sign and give Form 27C to the seller. The seller in turn has to sign and give it to the commissioner or Asst. Commissioner. for every month. My doubt regarding this is 1) Whether Form 27C is to be submitted per sale per buyer per month or sales (more than one sale in a month) per buyer per month? 2) Is it sufficient just filing Form 27C with Commissioner or Asst. Commission or i have to wait till the Commnr. or AC gives the permission for non-deduction of TCS. Please provide me the sections or case laws if it is available. With regards, Rajesh.
14 August 2010
You have to comply sub rule 3 of rule 37C only meaning thereby the form has to be filed on or before 7th day of the next month following the month in which declaration is furnished to you. The modus operandi in query 1) may be restricted to the above. Regarding query 2) the form should be filed before chief commissioner / commissioner and no need to wait for non-deduction order.
16 February 2013
@b chackrapani sir, What can be done if form 27C has not been filed within the due date and demand for the same has been raised by department?
CAclubindia
