Form 27C

What is Form 27C?

Form 27C is a document that helps in tax exemptions in terms of tax collected at source and is authorized by the Income Tax Department. As stated under the IT Act, both buyers and sellers can use this form.

Who Needs Form 27C?

This form is required by the individual purchasing the goods only if the goods are meant for production or further processing of goods. If you purchase the goods for trading purposes, you cannot claim the exemption using this form.

Accepted Sellers that fall under TCS provision

• Central and State Government
• Local Municipal Authorities
• Companies
• Statutory Authorities
• Individuals/Hindu Undivided families
• Co-operative societies
• Firms

Accepted Buyers falling under TCS provision

• Central or State Government
• Public Companies
• Clubs like sports clubs, associations, or any other club
• Embassies, Consulates, High commission, and other trade representatives

List of Goods that falls in the TCS taxation spectrum

• Alcohol that is meant for individual consumption
• Timber obtained from the forest lease
• Tendu leaves
• Timber obtained from any other means
• Mining or quarrying activities
• Licensing or leasing of any toll plazas, parking lots, etc.

Also See: Form 27q | Form 27eq