debora M (BUSINESS DEVELOPMENT MANAGER) 25 February 2021
Section 206C(1H) – Every person, being a seller , who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub- section (1F)
CA Shivani Singhal (Chartered Accountant) 27 February 2021
Hi, this 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"
Link to section "https://www.incometaxindia.gov.in/pages/acts/income-tax-act.aspx"
Hope it helps
srikar gunnam 09 March 2021
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