Form-27c | Meaning and Definition

What is form 27c? 

This is a type of declaration which is helpful for the taxpayer to get exempted from tax paying from the tax deducted at the source. Form 27c consists of two sections that have to be filled and signed by the one who is selling and the one who is purchasing. The goods can be purchased and sold by the buyers and the sellers according to the Income Tax Act 1961 with the help of form 27c.

List of Goods included in the Income Tax Act 1961:

  • Tendu Leaves
  • Quarrying and mining
  • Liquors consumed by humans, such as alcohol
  • Waste materials and scraps available from the manufacturers
  • Timber that has been collected from the forest in lease
  • Toll Plaza or the leasing and licensing of the parking lots for vehicles.