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Form 71 - for claiming TDS deducted in subsequent years

ABCDE (CA) (2 Points)

21 February 2024

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?

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4 Replies

Gokul Sharma (jamshedpur) (4095 Points)
Replied 21 February 2024

TDS cannot be claimed now...

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Yasaswi Gomes new (Finance ) (4514 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.