If your TDS has been deducted in the wrong year, then you can claim refund by changing the year through this form. Know all the important things about Form-71.
If your TDS is deducted every year, then a new change has come from October 1, 2023, which is going to be very useful for you. If there is any error in your TDS credit, now you will be able to correct it. The Central Board of Direct Taxes (CBDT) had issued the new electronic application Form 71 in August. Now if there is any application related to TDS credit then you will need this form.
Why has new Form-71 come?
For example, if your TDS has been deducted in the wrong year, that is, you have shown income in some other year, but then in some other year the tax department has deducted TDS again, then you can claim refund by changing the year through this form. Are. For this, amendments have been made in the Income Tax Act, 1962.
Through this form you can update the details of the last two years only. Form 71 will be released electronically. To submit, you will need a digital signature certificate or electronic verification code. You can also fill it by downloading it.
How to submit?
Download Form 71 by visiting the e-filing portal of the Income Tax Department https://www.incometax.gov.in/.
In the form, you will have to tell the taxpayer name, PAN, address, the year in which the income was declared, the year in which TDS was deducted, how much TDS was deducted, and why you are claiming TDS.
Sign this form and submit it, just like you verify your ITR, this form will also have to be verified, but for this you will have to verify it through Digital Signature Certificate or EVC i.e. Electronic Verification Code. And then if your claim is true, your money will be refunded.
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