Form 71 - for claiming TDS deducted in subsequent years

TDS was deducted in AY 2022-23. However, Income was accrued and submitted to tax in AY 2021-22. Can I now claim the TDS for ITR of AY 2021-22 using Form 71? Or Form 71 can be used only for years later than 1st October 2023?

Replies (4)
Quick Summary
If TDS was deducted in a later financial year than when the income was accrued and taxed, you can use Form 71 to claim that TDS credit. This form allows you to rectify situations where TDS was deducted in AY 2022-23 but relates to income taxed in AY 2021-22. Ensure you submit Form 71 by the deadline of March 31, 2024, to successfully claim the TDS credit for the relevant assessment year.

TDS cannot be claimed now...

**Form 71** is specifically designed for **claiming TDS (Tax Deducted at Source)** that was deducted in **subsequent years**. If your income was accrued and submitted to tax in **AY 2021-22**, but the TDS was deducted in **AY 2022-23**, you can indeed use **Form 71** to claim the TDS credit for **AY 2021-22**¹⁴.

 

Here are the key points regarding **Form 71**:

 

1. **Purpose**: Form 71 serves the purpose of crediting TDS by amending the Income Tax Rules, 1962².

2. **Eligibility**: You can submit **Form 71** to the income tax department by **March 31, 2024** (till **FY 2023-24**) to claim TDS credit for the relevant assessment year⁴.

3. **Deadline**: It's essential to meet this deadline; otherwise, the form cannot be submitted⁴.

 

Feel free to proceed with **Form 71** to rectify the TDS credit for **AY 2021-22**. 📝💡

 

Source: Conversation with Bing, 22/02/2024

(1) Form 71 - for claiming TDS deducted in subsequent years. https://www.caclubindia.com/forum/form-71-for-claiming-tds-deducted-in-subsequent-years-605277.asp.

(2) TDS deducted in wrong FY? New income tax form to help you get it .... https://economictimes.indiatimes.com/wealth/tax/tds-deducted-in-wrong-fy-new-income-tax-form-to-help-you-get-it-corrected-oct-1-onwards/articleshow/103277249.cms.

(3) CBDT New Electronic Application 71 Form for Crediting TDS. https://blog.saginfotech.com/new-electronic-application-71-form-tds-credit.

(4) Downloads > Income Tax Forms. https://incometaxindia.gov.in/Pages/downloads/most-used-forms.aspx.

Claiming tds deducted .

@ Sabyasachi You or AI is correct?

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