Claim your TDS Refund by filing form 71
As a general practice in filing of Income Tax Return (ITR), an assessee reports its income which was earned by it during the previous year and claims credit of TDS deducted on such income.
However, for all these years there is some flaw in this process of claiming the credit of TDS. 𝐓𝐡𝐞 𝐟𝐥𝐚𝐰 𝐢𝐬 𝐰𝐡𝐞𝐫𝐞 𝐚𝐧 𝐚𝐬𝐬𝐞𝐬𝐬𝐞𝐞 𝐡𝐚𝐬 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝 𝐢𝐭𝐬 𝐢𝐧𝐜𝐨𝐦𝐞 𝐨𝐧 𝐚𝐜𝐜𝐫𝐮𝐚𝐥 𝐛𝐚𝐬𝐢𝐬 𝐢𝐧 𝐨𝐧𝐞 𝐲𝐞𝐚𝐫, 𝐡𝐨𝐰𝐞𝐯𝐞𝐫 𝐓𝐃𝐒 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐝𝐞𝐝𝐮𝐜𝐭𝐞𝐝 𝐢𝐧 𝐬𝐮𝐛𝐬𝐞𝐪𝐮𝐞𝐧𝐭 𝐲𝐞𝐚𝐫 𝐨𝐫 𝐰𝐡𝐞𝐧 𝐧𝐨 𝐓𝐃𝐒 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐝𝐞𝐝𝐮𝐜𝐭𝐞𝐝 𝐭𝐢𝐥𝐥 𝐭𝐡𝐞 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐈𝐓𝐑 𝐨𝐟 𝐝𝐞𝐝𝐮𝐜𝐭𝐞𝐞 and same has been deducted and deposited belatedly or TDS return was being revised by the deductor subsequent to the filing of ITR by deductee, etc.; there comes a mismatch in TDS credit claimed in the ITR and TDS reflected in 26AS due to which assessee has to face a lot of problems.
Earlier, as a solution to the above problem, assessee was supposed to revise its ITR (if due date was not surpassed) or to file an offline rectification application with the jurisdictional assessing officer (AO) to claim the refund of the excess TDS which was not reflecting in 26AS at the time of filing of ITR but reflecting after it due to various possible reasons
The CBDT vide Notification dated 30.08.2023 has inserted e New Rule 134 –
𝐞𝐧𝐚𝐛𝐥𝐢𝐧𝐠 𝐭𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐭𝐨 𝐟𝐢𝐥𝐞 Form 𝟕𝟏 𝐭𝐨 𝐞𝐧𝐚𝐛𝐥𝐞 𝐭𝐡𝐞 𝐚𝐬𝐬𝐞𝐬𝐬𝐞𝐞 𝐭𝐨 𝐦𝐚𝐤𝐞 𝐚𝐧 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐫𝐞𝐜𝐭𝐢𝐟𝐲𝐢𝐧𝐠 𝐭𝐡𝐞 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐨𝐫 𝐢𝐧𝐭𝐢𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐫𝐝𝐞𝐫 𝐚𝐧𝐝 𝐟𝐨𝐫 𝐚𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐭𝐡𝐞 𝐓𝐃𝐒 𝐜𝐫𝐞𝐝𝐢𝐭.
This application has to be made within a period of two years from the end of the financial year in which TDS has been deducted.
Remember, the filing of Form 71 is exclusively online on the income tax portal.
Navigating tax laws can be tricky, so seeking assistance from a professional might be a wise choice!
