Form 27C - Income Tax

Form 27C is an Income Tax Declaration form that needs to be submitted under sub-section (1A) of section 206C of the Income-tax Act, 1961. It allows buyers to obtain goods without collection of tax at source, provided certain conditions are met.

Buyers who wish to obtain goods without tax deduction at source need to submit Form 27C. This form declares that the tax on the goods has already been paid or will be paid by the buyer before the due date.

To be eligible to submit Form 27C, the buyer must be a resident in India, must have a Permanent Account Number (PAN), and must have filed income tax returns for the previous three assessment years.

Form 27C requires the buyer to provide details such as name, PAN, address, details of the goods being purchased, and a declaration that the tax on the goods has been or will be paid before the due date.

Form 27C is valid for one financial year, and a fresh declaration needs to be submitted for each subsequent financial year.

If the buyer fails to pay the tax on the goods after submitting Form 27C, they may be liable to pay interest and penalties as per the provisions of the Income-tax Act, 1961.

Yes, Form 27C can be submitted electronically through the Income Tax Department's website or through authorized intermediaries.

No, there is no specific limit mentioned in the Income-tax Act, 1961, or in Form 27C regarding the value of goods for which the form can be submitted.

Providing false or incorrect information in Form 27C can lead to penalties and prosecution under the Income-tax Act, 1961, and other applicable laws.

More information about Form 27C, including instructions for filling and submitting the form, can be found on the Income Tax Department's website or by consulting a qualified tax professional.