INCOME TAX MATTERS ( A monthly journal on - Income tax and wealth tax- since 1999) - ( subscription for the year 2009 (TWO VOLUMES) is only Rs. 1300/-) - For subcription and to Know more click here

 

YOUR OBLIGATIONS

 

(By P. C. Garg Advocate and CA. Ritesh Garg)

 

 

TCS - FORM 27 C UNDER

 

INCOME TAX LAW

 

UPTO  7TH MARCH, 2009

File form 27 C relating to T.C.S. under Income Tax Act for the month of FEBRUARY, 2009 - see detail below

(Note - 27C form is given by the purchaser of goods on which TCS is applicable to the seller of such goods to the effect that the purchaser shall use such goods only for manufacturing or processing of goods and not for trading purposes. Seller of goods shall submit this form in the income tax department)

Rule 37C is relevant for this and relevant portion of this is given hereunder:-

Declaration by a buyer for no collection of tax at source under section 206C(1A).

37C. (1) A declaration under sub-section (1A) of section 206C to the effect that any of the goods referred to in the Table in sub-section (1) of that section are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes shall be in Form No. 27C and shall be verified in the manner indicated therein.

(2) The declaration referred to in sub-rule (1) shall be furnished in duplicate to the person responsible for collecting tax.

(3) The person referred to in sub-rule (2) shall deliver or cause to be delivered to the Chief Commissioner or Commissioner, one copy of the declaration referred to in sub-rule (1) on or before the seventh day of the month next following the month in which the declaration is furnished to him.

Explanation.For the purposes of sub-rule (3), the Chief Commissioner or Commissioner means the Chief Commissioner or Commissioner to whom the Assessing Officer, having jurisdiction to assess the person referred to in sub-rule (2), is subordinate.

 

 

Important information - If there is holiday on the last day of the obligation, then the next working day shall be considered as the last day for fulfilling that obligation.