ITR
TCS on foreign remittance seen in AIS
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Facts
TCS collected on foreign remittances under LRS is a tax credit in your name. It appears in AIS and Form 26AS and you can claim it in your return against your tax, or get it refunded if it exceeds your tax.
Provisions and law
- Sec 285BB (now Sec 510)Annual Information Statement of a taxpayer's reported transactions and taxes
- Sec 206C(1G) (now Sec 394)TCS on remittances under LRS and overseas tour packages
Analysis
Check that the TCS amount and collector match your bank's TCS certificate. If ₹50,000 of TCS was collected and your tax liability is ₹30,000, the balance ₹20,000 is refunded after processing. Education remittances financed by a loan have lower or no TCS, so check the rate applied. Claim the credit in Schedule TCS.
Conclusion
- Get the TCS certificate from the bank
- Match it with AIS and 26AS
- Claim it in Schedule TCS of the return
- Track the refund after processing
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