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?
ABCDE (CA) (2 Points)
21 February 2024TDS 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?
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 22 February 2024
**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.
Yasaswi Gomes new
(Finance )
(4492 Points)
Replied 22 February 2024
@ Sabyasachi You or AI is correct?
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