CBDT notified Form 71 to enable TDS Credit for Previously Declared Income in ITRs
The Finance Act of 2023 introduced a new sub-section (20) to Section 155, which comes into effect from October 1, 2023. This newly added sub-section applies in cases where income has been reported in an income tax return for a particular assessment year, but the tax was deducted at source (TDS) in a subsequent financial year. To facilitate this amendment, the CBDT vide Notification No. 73/2023 dated August 30, 2023, has introduced a new Rule 134 into the Income-tax Rules, 1962. This rule mandates the submission of Form 71 to claim TDS credit in such scenarios.