Adjustment of Principal Amount Paid/Debited for TCS under 206CP

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This query is : Resolved

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This discussion clarifies that there's no specific provision in the Income Tax Return (ITR) form to adjust the principal amount paid over and above the Tax Collected at Source (TCS) under Section 206CP. While the old regime had provisions like Section 80E for loan repayments, direct adjustment for TCS principal isn't available. It's recommended to verify data on TIS and AIS forms for accurate tax calculations rather than relying solely on the 'calculate tax' page, which may show glitches.

Pradeep Kumar Kelambeth

Pradeep Kumar Kelambeth (Querist)
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20 May 2024 Is their any provision in Income tax ITR return form to Adjust the principal amount over and above the TCS deposited under Section 206CP.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 May 2024 No. Under old regime there is provision u/s. 80E, which can be availed while repaying the loan.

Pradeep Kumar Kelambeth

Pradeep Kumar Kelambeth (Querist)
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20 May 2024 Thanks,
I was confused because When I was estimated my tax on ITR site It was showing Entire Amount of ₹ 391640.00 debited from my account under Tax paid. Now While I am Fill the ITR form it is now showing only ₹19582.00 the TCS amount deposited under Tax paid

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 May 2024 That might be glitch on the 'calculate tax' page. Verify data on TIS & AIS forms and procees ITR based on it.

Pradeep Kumar Kelambeth

Pradeep Kumar Kelambeth (Querist)
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21 May 2024 Thanks for clearing the doubts

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 May 2024 You are welcome.

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