Sec 206cq view of 26as 20-21 year

This discussion addresses how to account for Section 206CQ transactions appearing in Form 26AS for the financial year 2020-21, specifically those involving ICICI Bank. It explores the nature of these transactions, such as foreign currency purchases of lottery games, and clarifies whether they need to be reported in books of accounts as TCS or TDS. The core query is about the correct procedure for showing these in accounting records and whether they require declaration in the Income Tax Return (ITR), along with the potential consequences of non-disclosure.