Income Tax Update: CBDT publishes FAQs on Form 27C filing

The income tax department has produced a series of Frequently Asked Questions (FAQ) about the filling of form 27C as a relief to taxpayers seeking to do so.

The Income Tax Department of India’s Form 27C is a valid document that can help with the exemption of tax that has been collected at the source (TCS). By the Income Tax Act, both purchasers and sellers of products may utilize Form 27C.

The Seller must submit Form 27C using the electronic filing system. Part-I of form 27C must be manually filled out by the buyer and submitted to the seller.

According to the FAQ, “the processes to file online Form 27C are as follows,” about the form-filling procedure. Step 1: The seller should use their TAN as their user ID to check in to the income tax portal at Step 2: Go to e-file and choose Income Tax Forms, File Income Tax Forms, and then select Persons Not Dependent on Any Source of Income (Source of Income Not Relevant) and then select Form 27C. Step 3: Enter the information in “Part I- Details of the Buyers” and “Part II- Details of Seller, Attachments, and Verification.” Step 4: The seller must complete “Part details of the seller, Attachments, and Verification” of the online form, scan and upload Part I of the form obtained from purchasers as attachments, and then proceed to file Form 27C.

It was made clear about the due date that Form No. 27C must be submitted by the seller on or before the seventh day of the month after the buyer provides the declaration. To access the judgment, purchase Taxscan Premium.

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