TDS Return News Rule: A new rule has come from the Tax Department regarding TDS. Through which you can easily take your claim.
TDS Return News Rule:Â There is a big news for TDS return recipients. The tax department has implemented new rules for TDS returns. Which you need to know. If you miss this news, you may get into trouble in the future. Actually, CBDT has made a new change from 1 October 2023. If there is some new problem in your TDS, then it can be easily fixed with this new rule.
Will save you from this big problem
As you know that CBDT had issued an electronic Form 71 in August 2023. This means that you need it for any matter related to TDS. In such a situation, if your TDS has been deducted in a wrong year, that is, income has been shown in some other year and TDS has been deducted in another year, then there is no need to worry.
Amendment in Income Tax Act 1962
Change of year can be done easily through this form. For this, an amendment has been made in the Income Tax Act 1962. However, currently only the TDS problem of the last 2 years can be solved.
This is the process of getting and filling the form
Now let us tell you where to get this form and what is the process of filling it? You will get Form 71 electronically only. Digital signature will be required for submission. Along with this, electronic verification code will also be required. Let us understand step by step.
1. We have to download Form 71 from the Income Tax site.
2. In the form, we have to fill details like name, PAN, address, year in which income was shown, year in which TDS was deducted, how much TDS was deducted, why are we claiming TDS.
3. After this sign and submit. It will have to be verified just like we verify ITR.
4. Digital signature will be required for this.
After this, if your claim is correct then your money will be refunded. This reform of the tax department should be welcomed.
