Issuance of C form

[Asked by Guest]

If we are selling goods to our one of customer of c form basis in a year & customer are sending c form of that transaction in next year.

So my query is that is there any effect in books of account for both parties or any penalty / charges for late submission of c form.

waiting for feedback.

AI Summary

Form C submission deadlines can be extended for sufficient cause, but missing timely declarations risks loss of concessional tax treatment.
Under Rule 12(7), declarations or certificates including Form C must be furnished to the prescribed authority within three months after the end of the relevant period, though the authority may allow further time if satisfied that sufficient cause prevented timely filing; failure to obtain or submit Form C timely can result in loss of concessional tax treatment, so sellers are advised to collect the declaration at the time of sale.