Form 71 of Income Tax

I have a mismatch wherein income was shown in FY 22-23 and TDS was deducted in FY 23-24. I thing i can claim the TDS amount in FY 23-24 by filing Form 71.

I want to know when Form 71 can be filed:

1) Before i file my ITR (since the discrepancy is visible in 26AS)

2) After my ITR but before assessment or notice of discrepancy is received

3) After notice of defective return is received due to income mismatch in books and 26AS. 

Replies (1)

Hey! About Form 71 (Claim for Refund of TDS on income returned in a different year), here’s how it generally works:

When can you file Form 71?

  1. Before filing your ITR:
    Yes, you can file Form 71 before filing your ITR for the year in which TDS was actually deducted (FY 23-24 in your case). This helps claim the TDS refund early, so it can be adjusted or refunded promptly.

  2. After filing your ITR but before assessment or notice:
    You can still file Form 71 after filing your ITR, but before the assessment is completed or before you get any notice. The refund claim will be processed by the Income Tax Department accordingly.

  3. After receiving notice of defective return due to mismatch:
    Even if you receive a notice due to mismatch, you can file Form 71 to claim the refund of the TDS deducted in the later year. However, it’s better to do this proactively to avoid notices.


Additional Tips:

  • Make sure Form 71 is filed in the year the TDS was deducted (FY 23-24 in your case).

  • Keep all documents handy like TDS certificates and proof of income.

  • Ideally, file Form 71 early to avoid any complications during assessment.

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