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What is section 206CQ

Nishu Kotian (298 Points)

27 June 2021  
tcs on sec.206CQ can i claim tcs amount ..as refund

 8 Replies

Sourav (Student) (23870 Points)
Replied 27 June 2021

There is no section 206CQ in IT ACT. section 206C is there
1 Like

Nishu Kotian (298 Points)
Replied 27 June 2021

Sourav. one of my client 26as that section is shown tcs deducted by sbi bank. my client payment made to foreign relatives...
amount is 999092.50. tcs is 14955
what is the percentage of that tcs amount
tcs amount can refundable or not.

Ankita Jain (CA in practice) (175 Points)
Replied 27 June 2021

Section 206CQ is mentioned in 26AS for remittance made outside India under LRS Scheme (TCS collected under Section 206C(1G))

In my view, the assessee can claim a TCS refund in the ITR.
1 Like

Nishu Kotian (298 Points)
Replied 27 June 2021

What to do tcs amount claim or not confused 😕

Ankita Jain (CA in practice) (175 Points)
Replied 27 June 2021

You can claim the TCS amount if it has been collected by the bank.

Harshad Dalal (2 Points)
Replied 11 July 2021

I Harshad Dalal senior citizen have remitted t

to my daughter, granddaugter and son in law

under RBI LRS as gift for birthday, anniversary

Diwali etc

Under 26AS section 206cq total Rs, 524304/-

Please advise whether have to pay tax as this amount is paid from Banks account and no income is generated.

What I understand have to pay @ 5% on totat amount remitted plus total amount of income earned for the financial year 31 St March 2021

2021 /2022


R.SRINIVASAN (Chartered Accountant) (28 Points)
Replied 01 August 2021

But my client's 26AS shows TCS under Section 206CQ by a Bank. WEhat could this be?

Replied 09 November 2021

my clients 26 AS shown Total amt Paid/Debited and Tcs U/s 206CQ  please clarify paid and debit amount shown in Income from other source or not 

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