Eligibility for I.T. Refund on outward remittance(USD) on Relative's study abroad program

S R Reddy (C.A) (60 Points)

20 April 2023

Please clarify if I am eligible for Income tax refund on money spent in USD(outward remittance under LRS)for my dependent relative's study abroad program .My Banker is regularly deducting TCS from the remittance at 206CQ as per my FORM 26 AS. If eligible for refund, kindly advise how to go forward to get a refund. Thanks a lot.

Reply
Follow
Share

3 Replies

CA Sorav Gupta (Chartered Accountant) (1000 Points)
Replied 20 April 2023

File your ITR to claim the refund.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)

sabyasachi mukherjee (21561 Points)
Replied 20 April 2023

Tcs is not applicable on remittance.

CA Raj Doshi (Practising CA) (7735 Points)
Replied 21 April 2023

File your ITR to claim the TCS credit and become eligible for refund in case of taxes paid in excess of your annual liability

Thanks & Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants