Form 27C is a declaration form that helps the taxpayer in getting tax exemption from the tax deducted at source (TDS). Form 27C has two sections that need to be filled in and signed by both the buyer and seller. This form can be used by buyers as well as sellers for the sale and purchase of all the goods that are mentioned in the Income-tax act, 1961.
Following are the Goods that lies under the Income Tax Act:
- Alcohol or liquor for human consumption
- Tendu leaves
- Timber procured through a forest lease
- Waste and Scrap from the manufacturers
- Licensing or leasing of parking lots or Toll plaza
- Mining and quarrying