Regarding Form 71..

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Form 71 is used by taxpayers to claim tax credits for income where Tax Deducted at Source (TDS) was applied but not correctly reported in their Income Tax Return (ITR) due to timing issues. This process is governed by the new Rule 134, which details the application under sub-section (20) of section 155. If you've forgotten to claim TDS from a previous financial year, you can still file Form 71 before March 2025 to claim the refund.

Divyesh Ajmera

Divyesh Ajmera (Querist)

11 December 2024 What is use of form 71?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

11 December 2024 Taxpayers can use Form 71 to claim tax credit for income on which TDS has been deducted but not accounted for in their ITR due to timing differences.
A new Rule 134 is inserted after 133 which expresses regarding the Application under sub-section (20) of section 155 about credit of tax deduction at source. The taxpayer must make the application under sub-section (20) of section 155 in Form No. 71.
Refer: https://www.thetaxheaven.com/blog/tds-deducted-in-wrong-fy-income-tax-form-71-will-help-you-to-get-it

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Divyesh Ajmera

Divyesh Ajmera (Querist)

11 December 2024 If we forgot to claim TDS of a.y. 2023-24, then form 71 applicable to claim such refund?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

11 December 2024 When the TDS was deducted? & when it was credited as per form 26AS?

Divyesh Ajmera

Divyesh Ajmera (Querist)

11 December 2024 In same year, but forgot to claim while return.

Dhirajlal Rambhia