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Application By A Buyer, Under Sub-Section (9) Of Section 206C Of The Income-Tax Act, 1961

The purpose of this Form No. 27F is served under Section 206C of Income tax Act, 1961 and rule 37g of Income tax rules, 1962 dealing with collection of taxes at lower rates by the seller from the buyer in respect of the amount payable by the buyer which means that every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of any goods specified in column (2) of the table specified under this section describing the nature of goods, a sum equal to the percentage, specified in the corresponding entry in column (3) of the said table under this section itself, of such amount as income-tax. The Section enshrined under this Form states the profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. but no collection of tax shall be made in the case of a buyer, who is resident in India, if such buyer furnishes to the person responsible for collecting tax, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the goods referred to in column (2) of the aforesaid table under this section are to be utilized for the purposes of manufacturing, processing or producing articles or things and not for trading purposes. The form is to be submitted to a Assessing officer.  

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