1% TCS on Sale of Iron Ore to Traders

As per recent amendment, Department have levied 1% TCS on sale of Iron Ore to traders. However, no TCS is required to be collected if the Iron Ore is sold to manufacturer and the same manufacturer gives a declaration in Form-27C to the seller.  Further, it is the responsibility of the seller to submit that Form-27C to the Income Tax Department before 7th day of the next following month.

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