TCS 206CQ -Tax collected

Yes, you can claim TCS just like TDS, let there be refund of any amount,

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TCS 206CQ in your Form 26AS refers to tax collected at source under Section 206C(1G) on outward foreign remittances above Rs. 7 lakh under the Liberalised Remittance Scheme. The bank or authorized dealer collects this TCS at 20% at the time of remittance (reduced to 0.5% if the remittance is for education funded by loan). You can claim credit for this TCS against your total income tax liability when filing your ITR, so it is not a loss, just an advance tax collection. For the full rate table across all TCS sections and how to report TCS credit in ITR, this [TCS Section 206C guide](https://taxgarden.in/blog/tcs-tax-collected-at-source-section-206c-guide-india) covers each sub-section with practical examples.

Yes, claim it fully. Correcting the section reference:

• There is no "Sec 206CQ". TCS on foreign remittance or overseas travel under LRS is collected under Sec 206C(1G). It appears in Form 26AS Part B (TCS) / AIS.

• TCS is not an additional tax. It is an advance credit. Claim it in the ITR's Schedule TCS (like TDS), and the excess is refunded with interest under Sec 244A.

• Current rates (from 1 April 2025):

– LRS remittance (other than education or medical): 20% above Rs 10 lakh a year (threshold raised from Rs 7 lakh)

– overseas tour packages: 5% up to Rs 10 lakh and 20% above

– education funded by a loan: nil.

• Foreign travel spends on international credit cards are outside LRS for TCS (the 2023 proposal was withdrawn).

• If the TCS was collected in the name of a person different from the actual spender (e.g. paid from a parent's account), credit goes to the PAN in 26AS. Ensure the PAN given at remittance is that of the person who bears the cost (Rule 37-I allows credit to another person in limited cases).