Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

FORM 27C in new format for 2013

New format of Form 27C as per notification no.11/2013 dated 19/02/2013 is avalable for download from the link below:

click here to download Form 27C

Take note of the following while filing the form
This form is relevant for the buyer of goods specified (liquor,tendu leaves,timber, other forest produce or scrap) in section 206C (1) of the act in cases where the buyer intends to utilise the goods for the purpose of manufacturing,processing or producing articles or things,and not for trading purposes. Without collection of TCS by the seller.
The form is in two parts. Part -I must be filled and signed by the buyer of  goods , and the buyer must handover the form to the seller.
The seller is to fill in and sign Part -II , and then forward one copy of the declaration to the Chief Commissioner / Commissioner to whom the Assessing Officer having jurisdiction to assess the seller is subordinate.

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