SECTION TCS-206CO

Save Share

This query is : Resolved

Quick Summary

The discussion explained that TCS under Section 206C on foreign tour package bookings appears in AIS and may be claimed as refund in the income tax return if no tax liability exists. No separate disclosure provision may apply for taxpayers without business income.

Sagar Panchal

Sagar Panchal (Querist)
Follow

19 November 2021 RESPECTED,

KINDLY HELP ON THIS, AIS SHOWS TRANSACTION RELATED FOREIGN PACKAGE BOOKING IN SECTION TCS-206CO AND TCS DEDUCTED ON THIS. IN INCOME TAX RETURN THE INFORMATION SHOULD MENTIONED IN WHICH COLUMN, PLEASE GUIDE ON THIS.
REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

19 November 2021 For income u/h. PGBP; it will be declared under foreign tour expenses in P&L acc.

Message likes : 2 times

Sagar Panchal

Sagar Panchal (Querist)
Follow

19 November 2021 Thanks Sir,
and the tax deducted will be refunded as the income is not taxable of the person. Sir, no provision to mention in Income tax return this transaction ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

20 November 2021 Yes, TCS deducted would be refunded, provided no tax liability in ITR filed,
No other provision to declare such transaction; for entities having no PGBP income declaration.

Message likes : 1 times

Sagar Panchal

Sagar Panchal (Querist)
Follow

22 November 2021 Thank you very much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

22 November 2021 Most Welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!