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Home > Income Tax > Help Center > Form 71 Last Updated: Dec 04th 2023
Income is usually shown in one financial year and TDS in the next. This case is not covered by income tax in general. Check more on Form 71 to claim such TDS.
The Finance Act 2023 has introduced a new sub section (20) to section 155 of the Income Tax Act 1961 to handle these types of situations. This which will facilitate the taxpayer to claim the TDS deducted in subsequent financial year in the year in which the income is shown. As per this amendment, taxpayers are requested to submit Form 71.
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This provision is applicable from 01st Oct 2023
Mr Ram is having interest income of Rs 5 lakhs for FY 2022-23. However, the bank has deducted TDS of Rs 50,000 in FY 2023-24 instead of FY 2022-23. With the help of Form 71, Mr Ram can claim the TDS of Rs 50,000 In FY 2022-23 by submitting Form 71
The following details are required for filing Form 71
The time limit to file Form 71 is within 2 years of the financial year in which the TDS was deducted.
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.