Sec 206 cq amount tcs show procedure in books and it returns

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Kollipara Sundaraiah (Querist)

12 June 2023 Sir,
It assessess download 26as f.y.22-23
Sec 206cq dt:17-01-23 amount paid rs:137354/-
Name of collector:Lulu forex pvt ltd
Tcs deposit:6868/-
Question:
Assessess above 26as transaction show procedure in it returns and books and tcs amount claim allowed.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

12 June 2023 Section 206CQ of the income tax act comes under Part B of Form 26AS. Form 26AS deals with Tax Collected at Source(TCS). A Seller collects TCS from the buyer during the purchase and remits the amount to the bank.
The above sub-section has introduced liability of collecting TCS on below two categories of remittances with effect from 01.10.2020 –
TCS on remittances made under LRS of RBI
TCS on remittances made towards overseas tour program package.
The amount should reflect the forex payment in your financial statements.
TCS can be adjusted against tax payable while you are filing their income tax return.

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