TCS COLLECTION ON FOREIGN EDUCATION STUDIES REMITTANCE

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266 Points Posted on 30 January 2023
I AM AN INDIVIDUAL.I HAVE REMITTED FOREIGN EDUCATION REMITTANCE THROUGH HDFC BANK LTD FOR MY SON OVERSEAS (SINGAPORE)STUDIES FEES.I HAVE PAID Rs.456657/ON 28-09-2022.THEY HAVE NO DEDUCTIONS IN MY PAYMENT MADE BEFORE.BUT NOW I REMITTED Rs.404797/ON 27-01-2023 NOW THEY COLLECTED @ 5% TCS UNDER SECTION 206C(1G)ON THE SAID AMOUNT IS Rs.20240/.MY QUERY IS MAY I DEDUCT THIS AMOUNT IN MY ADVANCE TAX PAYMENT IN MARCH 2023.
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On 30 January 2023 at 16:08 Report
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Quick Summary
This discussion addresses an individual's query about deducting Tax Collected at Source (TCS) on foreign education remittance. The individual paid TCS on a recent overseas education fee payment and wants to know if this amount can be deducted from their advance tax payment. The consensus is that the TCS amount can indeed be claimed as a tax credit in the income tax return.

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Tax Professional and in Service
1795 Points Posted on 30 January 2023

Yes, you can claim this as tax credit in your income tax return.

 

Regards,

Manoj

1 Reply
On 30 January 2023 at 16:21
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Chartered Accountant
86505 Points Posted on 30 January 2023
Yes you can claim TDS in your return.
2 Reply
On 30 January 2023 at 23:50
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266 Points Posted on 31 January 2023
Kindly in which section i claim this TCS Amount and there is any limit for this deduction...
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On 31 January 2023 at 11:26
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Chartered Accountant
86505 Points Posted on 01 February 2023
Sec 206 and there is no limit on claiming for deduction
1 Reply
On 01 February 2023 at 00:28

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