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206 CQ IN 26AS

18 June 2021

my client's 26AS SHOWN UNDER 26CQ BUT HE HAS NOT PURCHASED ANY FOREIGN CURRENCY OR INTERNATIONAL LOYTERY TICKET. IT WAS SHOWN BY ICICI BANK.

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CA Raj Doshi (Practising CA) (8723 Points)
Replied 18 June 2021

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

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Vasudevan C P (403 Points)
Replied 18 June 2021

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