Rule 134 - Application u/s 155(20) regarding credit of tax deduction at source
The Central Board of Direct Taxes (“CBDT”) has issued a new rule, Rule 134, along with Form No. 71, related to the application u/s 155(20) for the credit of tax deduction at source (TDS) vide notification no 73/2023 dated 30th August 2023.
The Finance Act, 2023 inserted
section 155(20) in the Income Tax Act, 1961 to provide to relief to taxpayers
who have offered the income received during the year to tax but the tax
deducted at source(“TDS”) thereon has not been paid to the credit of the
central government till the filing of return of income, therefore the taxpayer
is not able to claim the credit for the tax so deducted.
Section 155(20) provides that
if any income is included in the return of income of any assessment year and
the TDS deducted on such income has been deposited in any subsequent financial
year, then on an application made by the taxpayer in the prescribed form within
2 years from the end of the subsequent financial year in which the tax was
deducted at source, the Assessing Officer will amend the assessment
order/intimation giving credit for the tax so deducted.
The time limit for
rectification in such cases has to be calculated as 4 years from the end of the
subsequent financial year.
In this regard, CBDT vide rule
134 has notified Form 71 - Application under sub-section (20) of section 155
for credit of tax deduction at source (TDS) for availing the credit of TDS
deducted and paid in subsequent financial year, in the relevant assessment
year, in which income is offered to tax. This rule shall come into force on 1st
October 2023.
Form 71 is to be furnished
electronically to the Principal Director General of Income Tax
(Systems),(PDGIT(Systems) or Director General of Income
Tax(Systems)(DGIT(Systems), which will be then forwarded to the Assessing
Officer.
The details required to be
furnished in the Form 71 are as under:
1.
Name
2.
PAN of the Applicant
3.
Aadhaar (if available)
4.
Residential Status
5.
Address
6.
Pin/Zip Code
7.
Email ID
8.
Mobile Number
9.
Relevant Assessment year in which Income is
offered to Tax
10. Subsequent
Financial year in which TDS is paid
11. Date
on which the return of income is filed
12. Total
Income of the relevant year as per latest order
13. Amount
of income on which tax deducted and paid in subsequent financial year
14. Nature
of Such Income
15. Rate
at which the income was offered to tax
16. Amount
of TDS on such income
17. Section
& rate of TDS on such income
18. Date
of Deduction & payment of TDS on such income
19. Amount
of TDS so deducted being claimed
20. Name,
TAN & PAN of Deductor
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