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. ๐๐ก๐ ๐๐ฅ๐๐ฐ ๐ข๐ฌ ๐ฐ๐ก๐๐ซ๐ ๐๐ง ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐๐ ๐ก๐๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ๐๐ ๐ข๐ญ๐ฌ ๐ข๐ง๐๐จ๐ฆ๐ ๐จ๐ง ๐๐๐๐ซ๐ฎ๐๐ฅ ๐๐๐ฌ๐ข๐ฌ ๐ข๐ง ๐จ๐ง๐ ๐ฒ๐๐๐ซ, ๐ก๐จ๐ฐ๐๐ฏ๐๐ซ ๐๐๐ ๐ก๐๐ฌ ๐๐๐๐ง ๐๐๐๐ฎ๐๐ญ๐๐ ๐ข๐ง ๐ฌ๐ฎ๐๐ฌ๐๐ช๐ฎ๐๐ง๐ญ ๐ฒ๐๐๐ซ ๐จ๐ซ ๐ฐ๐ก๐๐ง ๐ง๐จ ๐๐๐ ๐ก๐๐ฌ ๐๐๐๐ง ๐๐๐๐ฎ๐๐ญ๐๐ ๐ญ๐ข๐ฅ๐ฅ ๐ญ๐ก๐ ๐๐ข๐ฅ๐ข๐ง๐ ๐จ๐ ๐๐๐ ๐จ๐ ๐๐๐๐ฎ๐๐ญ๐๐ 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 –
๐๐ง๐๐๐ฅ๐ข๐ง๐ ๐ญ๐๐ฑ๐ฉ๐๐ฒ๐๐ซ๐ฌ ๐ญ๐จ ๐๐ข๐ฅ๐ Form ๐๐ ๐ญ๐จ ๐๐ง๐๐๐ฅ๐ ๐ญ๐ก๐ ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐๐ ๐ญ๐จ ๐ฆ๐๐ค๐ ๐๐ง ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐๐จ๐ซ ๐ซ๐๐๐ญ๐ข๐๐ฒ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐ฆ๐๐ง๐ญ ๐จ๐ซ ๐ข๐ง๐ญ๐ข๐ฆ๐๐ญ๐ข๐จ๐ง ๐จ๐ซ๐๐๐ซ ๐๐ง๐ ๐๐จ๐ซ ๐๐ฅ๐ฅ๐จ๐ฐ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐๐ ๐๐ซ๐๐๐ข๐ญ.
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!
