Form 27C serves as a declaration form that plays a role in obtaining tax exemption from Tax Deducted at Source (TDS) in specific transactions. This form is utilized by both buyers and sellers involved in the sale and purchase of goods listed under the Income-tax Act, 1961. Form 27C is particularly relevant for transactions involving certain specified goods, and it consists of two sections that must be filled in and signed by both the buyer and seller.
The primary purpose of Form 27C is to declare that the specified transaction is eligible for tax exemption from TDS. Form 27C comprises two sections, one for the buyer and one for the seller. Both parties involved in the transaction are required to fill in and sign their respective sections.