Regarding Form 71 in IT

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This discussion addresses issues with claiming TDS refunds using Form 71. It covers scenarios where a refund was missed in a previous year's return and how to claim it in the current year, including whether to revise the previous return. It also clarifies the process for withdrawing or refiling Form 71 if a refund hasn't been received and the implications of Section 155(20).

Divyesh Ajmera

Divyesh Ajmera (Querist)
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13 December 2024 1) ASSESSEE INADVERTANTLY NOT CLAIM REFUND IN LAST YEAR FOR WHICH HE FILE FORM 71 BUT IN RETURN OF NEXT FINANCIAL YEAR TDS OF LAST YEAR NOT CLAIMED, SO RETURN OF THIS YEAR NEED TO BE REVISED, IF YES, THEN TDS REFUND NEED TO BE CLAIM OF BOTH YEAR IN SUCH RETURN OR NOT? ALSO, REFUND OF THIS YEAR IS ALREADY CREDITED BY DEPARTMENT.

2) IN FORM 71, REFUND NEED TO BE CLAIM IS OF A.Y. 2023-24 THAT CLAIM IN NEXT YEAR F.Y. 2023-24 (A.Y. 2024-25)
9. RELEVENT AY UNDER SECTION 155(20) IS 2023-24
11. SUBSEQUANT F.Y. UNDER SECTION 155(20) IS 2023-24

3) IF REFUND NOT RECEIVED THEN FORM 71 CAN BE WITHDRAWAL OR AGAIN CAN WE FILE SUCH FORM?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 December 2024 Form 71 will be of no use when return not filed. File updated return if tax payable over the income not declared (for which TDS was deducted); otherwise file condonation request to file ITR if refund eligible.

Divyesh Ajmera

Divyesh Ajmera (Querist)
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13 December 2024 Return for that year filed but forgot to claim TDS refund

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 December 2024 In case the relevant income was declared for assessment in ITR, but TDS was not claimed, then file form 71, the refund can be claimed.

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