206 CQ IN 26AS

206CQ Collection at source on remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution The above data is extracted from Form 26AS

Read more at: https://www.caclubindia.com/forum/section-206cq-of-income-tax-act-570745.asp

Hai Vijay,

A remark is mention in the 26AS in case the amount paid falls under first proviso to sub-section 1G of section 206C. Section 206C (1G) says, "Every person,— (a) being an authorised dealer, who receives an amount, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India; (b) being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package, shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to five per cent of such amount as income-tax:" First proviso says, "authorised dealer shall not collect the sum, if the amount or aggregate of the amounts being remitted by a buyer is less than seven lakh rupees in a financial year and is for a purpose other than purchase of overseas tour program package"

The client can claim refund for the same by filing ITR

IN MY 26 AS SHOWN UNDER 206CQ BUT I HAVE NOT SALE ANY CAR.  IT WAS SHOWN BY ICICI BANK. WHAT I DO NOW?

 

Ignore these transactions and file your ITR. If there is any query in future, then make the reply accordingly. 

my client's 26AS SHOWN UNDER 26CQ BUT I SHOW THE INCOME TAX RETURN