Form 71 News Today

Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.

The Central Board of Direct Taxes (CBDT) has notified a new Income tax form- Form 71. This form will help taxpayers resolve their problem of TDS claim when it was deducted in a wrong financial year. One need not approach the tax deductor and request them to revise their TDS return. Income tax department will directly help now.