Income Tax Department issued FAQS related to filing Form 27C

Income Tax issued FAQ’s related to filing Form 27C The Income Tax Department has issued Frequently Asked Questions ("FAQs") dated October 05, 2022

Income Tax Department issued FAQ’s related to filing Form 27C

The Income Tax Department has issued Frequently Asked Questions ("FAQs") dated October 05, 2022, related to the filing of Form 27C on the Income Tax e-filing portal.

Question 1: Who is required to file Form 27C on the E-filing portal, buyer or seller?

Resolution: The Seller is required to file Form 27C on the E-filing portal.

Question 2: How can the buyer furnish the declaration to the seller under section 206C(1A) for obtaining goods without collection of tax?

Resolution: The Buyer is required to manually fill out Part-I of form 27C and submit it to the seller.

Question 3: What are the prerequisites for filing Form 27C?

Resolution: The following are the prerequisites for filing of Form 27C-

• The seller should have TAN
• The TAN of the seller should be active and registered on the e-Filing portal.

Question 4: What is the process to file Form 27C on the E-filing portal?

Resolution: Following are the steps to file online Form 27C

• Step 1: Seller to log in on Income Tax Portal i.e. www.incometax.gov.in using TAN as User ID.
• Step 2: Navigate to e-file —–> Income Tax Forms —-> File Income Tax Forms —-> Persons not dependent on any Source of Income (Source of Income not relevant) —-> Form 27C.
• Step 3: Fill in the details in "Part I- Details of the buyers" and "Part II- Details of the seller, Attachments and Verification".
• Step 4: The seller shall scan and upload part I of the form, received from buyers as attachments under "Part II-Details of the seller, Attachments and Verification" of the online form and proceed for filing Form 27C.

Question 5: Which documents/details are required to file Form 27C on the e-filing portal?

Resolution: Following documents/ details are required-

• Details of the buyers (Name, PAN/Aadhar, Address, Status, email id, Mobile no, Nature of Business, Nature of goods and Purpose of utilizing the goods shall be provided for each Buyer)
• The date on which declaration is furnished
• Date of debiting of the amount payable by the buyer to the account of the buyer or receipt of the amount payable from the buyer in cash or by the issue of a cheque or draft or by any other mode
• Self-certified copies of the declaration made by the buyers stating that the goods purchased are not to be utilised for trading purposes.

Question 6: What is the due date for filing Form 27C?

Resolution: Form No.27C should be filed by the seller on or before the 7th day of the next following month in which the declaration is furnished by the buyer.

The FAQs can be accessed at: https://www.incometax.gov.in/iec/foportal/sites/default/files/2022-10/Click%20Here_1.pdf

Income Tax Department issued FAQS related to filing Form 27C