Tcs on coal

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Whether the declaration under section 206C(1A) of the Income Tax Act, 1961 read with Rule 37C of the Income Tax Rules, 1962 to be given by the buyer, intending to obtain goods without collection of tax, bill by bill or a single declaration is sufficient for any particular financial year.

There is no column in Form No. 27C used for this declaration, in which the details of the bills or the amount of the transactions to be mentioned and also it doesn't state about the financial year.

 

Kindly advise on the above issue.

 

Thanks in advance!

Replies (1)

Logically, I think it can be given transaction to transaction, though not necessarily bill to bill.  It is difficult to predict what one would do twelve months down the line and so the idea of filing a declaration once for each FY may not be a good one.  What happens when one decides do some trading in the later part of the year?

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