TDS deposited by party after the filing of income tax returns

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If your parties have deposited TDS for the financial year 2023-24 after you've already filed your income tax returns, you might be wondering how to claim this credit. One potential solution is to file a revised return, provided the TDS is reflected in your Form 26AS for the correct financial year. Alternatively, if the TDS was mistakenly deposited for an older financial year (like 2022-23 or 2021-22), you may be able to utilise Form 71, which allows for TDS credit in respect of income disclosed in earlier filed ITRs.

Fun Gang Admin

Fun Gang Admin (Querist)
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20 December 2024 We are into manufacturing industry and our parties deducted TDS on goods and make payment. However a few parties have made payment of FY 2023-24 now. I have already filed my returns and claimed all the tds available at the time of filing the returns.

What should be do about this TDS which the party has paid now and is unused ?

Is there any solution to use this TDS amount ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 December 2024 File revised return, before the month end. (provided the TDS is being reflected in form 26AS of FY 2023-24.)

Fun Gang Admin

Fun Gang Admin (Querist)
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20 December 2024 They have deposited in FY 2022-23

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 December 2024 ""We are into manufacturing industry and our parties deducted TDS on goods and make payment. However a few parties have made payment of FY 2023-24 now.""
"" They have deposited in FY 2022-23""
Both statements are contradicting...

Fun Gang Admin

Fun Gang Admin (Querist)
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21 December 2024 They made payment around ten days ago, but selected FY2022-23 & FY 2021-22. Their TDS was pending and after rigorous follow-ups they finally paid but in old financial years.... If income tax allows them to pay in old years then there must be a way to use it....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 December 2024 https://www.taxmann.com/post/blog/cbdt-notifies-form-71-to-allow-tds-credit-in-respect-of-income-disclosed-in-itr-filed-in-earlier-years/

https://www.caclubindia.com/articles/new-income-tax-form-71-correcting-tds-errors-50408.asp

https://eztax.in/how-to-submit-form71

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