𝗧𝗗𝗦 𝗱𝗲𝗱𝘂𝗰𝘁𝗲𝗱 𝗶𝗻 𝘄𝗿𝗼𝗻𝗴 𝗙𝗬 𝗰𝗮𝗻 𝗯𝗲 𝗰𝗼𝗿𝗿𝗲𝗰𝘁𝗲𝗱 𝗳𝗿𝗼𝗺 𝗢𝗰𝘁 𝟭 𝗼𝗻𝘄𝗮𝗿𝗱𝘀

 CBDT has just issued Notification No. 73/2023 on August 30, 2023, and it's a game-changer for tax payers. Let's break down the key points you need to know:

📌 New Rule 134: CBDT has introduced Rule 134 pursuant to Section 155(20), which was recently brought in by the Finance Act, 2023. This rule addresses a crucial aspect of claiming tax credit for deductions at source.

📌 Form No. 71: To apply under Section 155(20), you'll need to use Form No. 71. This form is central to the process and should be your first step.

📌 Submission Process: Form No. 71 must be submitted to PDGIT (Systems), the DGIT (Systems), or an authorized person designated by them. Ensure you follow the prescribed submission channels.

📌 Electronic Submission: You have the option to furnish Form No. 71 electronically. It can be submitted using either a Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC), depending on how you are filing your return.

📌 Procedures and Policies: PDGIT (Systems) and the DGIT (Systems) are responsible for specifying the procedures for submitting Form No. 71. They will also formulate security, archival, and retrieval policies to safeguard your forms.

📌 Forwarding to the AO: PDGIT (Systems), DGIT (Systems), or their authorized representatives will forward Form No. 71 to the Assessing Officer (AO).

📌 Effective Date: This new Rule 134 will come into force from October 1, 2023.

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𝗘𝘅𝗮𝗺𝗽𝗹𝗲: Imagine you earned FD interest of Rs 1 lakh in FY 2022-23 (AY 2023-24), and the bank mistakenly deducted TDS in FY 2023-24 (AY 2024-25).

The result?
You can't claim TDS credit in FY 2023-24 (AY 2024-25) for an income that was actually taxable in FY 2022-23 unless rectified by the bank.

But here comes to Form 71: starting from October 1, 2023, you can skip the bank visit and directly contact the income tax department using this form.
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This form works wonders for resolving TDS mismatches from previous financial years, providing a lifeline to countless taxpayers who have faced this predicament