it assess download 26as in f.y.20-21.
sec 206cq
name of the colllector:Axis Bank
total amount paid/debited rs:1,90,000/-
total tax collected:nil
total tcs paid:nil
question:
assess above transactions show in 26as amount treatment in books and it returns under it act.(income or expenses treatment)
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Income tax query sec 206cq
Replies (1)
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"Section 206CQ" does not exist as a section of the Income Tax Act.
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The transaction is governed by Section 206C(1G).
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The code is a banking/challan reference for TCS on foreign remittances.
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Action: Record it as a TCS receivable/asset in your books and claim it as a tax credit when filing your ITR.
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