Regarding the form 71
This query is : Resolved
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?
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).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Off Market debit and credit transaction
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- ITR returnFY25-26
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
