Regarding the form 71
This query is : Resolved
Suresh S. Tejwani
(Querist)
05 November 2025
If sales were recorded in F.Y. 2023-24 but the related TDS credit appears in the F.Y. 2024-25, is Form 71 applicable?
Dhirajlal Rambhia
(Expert)
05 November 2025
Yes — Form 71 is applicable in this case.
As per Rule 37BA(3A) of the Income Tax Rules, 1962 (inserted vide Notification No. 74/2023 dated 30 August 2023), Form 71 was introduced to handle exactly this situation — i.e., when:
Income is offered in one financial year (earlier year),
But TDS credit appears in a subsequent year due to timing mismatches (e.g., deductor delay in deposit or return filing).
As per Rule 37BA(3A) of the Income Tax Rules, 1962 (inserted vide Notification No. 74/2023 dated 30 August 2023), Form 71 was introduced to handle exactly this situation — i.e., when:
Income is offered in one financial year (earlier year),
But TDS credit appears in a subsequent year due to timing mismatches (e.g., deductor delay in deposit or return filing).
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