Tax credit for Tax deducted in current financial year on payment basis income already offer for tax

Originally posted by : RAJA P M
	Yes, The inserted section applicable for .....

It's AY 2024-25, sorry for the typo error..

Originally posted by : Mahesh Shah
	Pl also clarify my queryDo we have to make hand written application to AO of our jurisdiction to claim 155(20)???pl clarify

Yes, As per inserted section it will make application AO. He will make order or Intimation against Your application.

But, The Section into force from AY 2024-25.

As per above query the TDS will be claim through application to AO.

As I have gone through 8  percent govt bonds terms of tds

When int paid is non cumulative.....then tds had to be claimed in that financial yr along with int

When int is on cumulative.....then whole cumulative int along with tds had to  be accounted in yr of maturity and not accural basis??

Same is case with 7.75 percent bonds ( now floating rate bonds)

Then this issue would not have arrived??

Am I right

I

Also  there is a issue when rectification rights are with CPC ,...AO will not rectify...till CPC transfers rectification rights to AO

And since all system is auto computerised.....how to approach CPC to transfer rectification rights to AO??

Kindly guide

Thanks

Sir 

The notice is attached. My confusion is that section 155(20) is effective from 01/10/2023 and it is a machinery provision, then why it should not be invoked for claiming refund for assessment year 2023-24.  Please guide me if there is any clarification in this regard. Also if the TDS credit can-not be claimed in return of income for A.Y. 2023-24 relating to interest which has already been subjected to tax in earlier years, what will happen to that TDS. Will it remain unclaimed?  

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                                                                                                       C.A. SUNIL JAIN