A declaration form called Form 27C assists the taxpayer in receiving a tax exemption from tax deducted at source (TDS). Both the buyer and the seller must fill out and sign two sections of Form 27C. Both buyers and sellers may use this form to sell or acquire any of the products listed in the Income-tax Act of 1961.
The goods listed below are covered by the Income Tax Act:
- Liquor or alcohol intended for human consumption
- Tendu departs
- Wood obtained by means of a forest lease
- Manufacturers’ waste and scrap
- Parking lot or toll plaza licensing or leasing Mining and quarrying
