Application for TDS mismatch correction. CBDT notifies Form 71
Mismatch of TDS credit has become a big trouble specially for the assessee and has give rise to increased litigation. Particularly when income is reflected in the return of income but the corresponding TDS has been deducted and paid to the credit of the Central Government in a subsequent financial year.
To resolve this issue, the CBDT has recently notified the Income-tax (Twentieth Amendment) Rules, 2023 by Notification No. 73/2023 dated 30.08.2023. A new Income Tax Rule 134 has been introduced for making application regarding credit of tax deduction at source.
The application has to be made in under sub-section (20) of section 155 which states as under:
“Where any income has been included in the return of income furnished by an assessee under section 139 for any assessment year and tax on such income has been deducted at source and paid to the credit of the Central Government in accordance with the provisions of Chapter XVII-B in a subsequent financial year, the Assessing Officer shall, on an application made by the assessee in such form, as may be prescribed, within a period of two years from the end of the financial year in which such tax was deducted at source, amend the order of assessment or any intimation allowing credit of such tax deducted at source in the relevant assessment year, and the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which such tax has been deducted:”
Form No. 71 has been prescribed to be filed by the assessee electronically under digital signature or through electronic verification code (EVC).
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