Search results
Aug 16, 2019 · As per income tax rules, you should claim credit for TDS on income that is paid or accrues to you in the same financial year as the TDS is deducted. However, at times you may get income paid to you in advance (such as lump sum advance rent) all of which may not belong to one FY.
Sep 8, 2023 · CBDT (Central Board of Direct Taxes) notified Form 71 on August 30, 2023, to enable taxpayers to claim TDS credit for income that has been declared in their income tax returns (ITRs) for a previous assessment year, but the tax was deducted at source (TDS) in a subsequent financial year.
Feb 4, 2023 · The benefit can only be claimed within 2 years from the end of assessment year in which income was assessable. No form is prescribed for this purpose. The Income Tax Portal does not allow the assessee to claim further credit of TDS not availed at the time of filing of Income Tax Return.
Feb 5, 2023 · Facilitating TDS credit for income already disclosed in the return of income of past year – Budget 2023. Representations have been received that in many instances, tax is deducted by the deductor in the year in which the income is actually paid to the assessee.
Sep 2, 2023 · CBDT (Central Board of Direct Taxes) notified Form 71 on August 30, 2023, to enable taxpayers to claim TDS credit for income that has been declared in their income tax returns (ITRs) for a previous assessment year, but the tax was deducted at source (TDS) in a subsequent financial year.
Sep 13, 2024 · Solution: Form 71 allows the taxpayer to claim the TDS credit when the income is offered to tax. The form must be submitted within two years from the end of the financial year in which TDS was deducted.
Sep 2, 2023 · The Finance Act 2023 introduced Section 155 (20) to address TDS mismatches, allowing assessees to apply for credit adjustments, with CBDT implementing this via Income-tax (Twentieth Amendment) Rules, 2023 and Form No. 71.
What can I do if there is a tax-credit mismatch in one of my filed Income Tax Return? If there is a mismatch in TDS : Inform the employer / deductor responsible for deducting TDS from your income.
Oct 14, 2024 · From the taxes calculated, you can claim credit for TDS deducted on your various receipts. Reduce the tax deducted at source from your actual tax liability to know the balance to be paid to the income tax department.
Mar 16, 2023 · If a taxpayer has evidential proof that TDS is already deducted on a particular Income, then even if such TDS credit is not reflected in 26AS, the taxpayer can manually claim the TDS...
