New Update on Income Tax: Major News! Update any TDS credit errors you may have; taxpayers now have access to this new form

 New Update on Income Tax: Major News! Update any TDS credit errors you may have; taxpayers now have access to this new form

You may request a refund by altering the year on this form if your TDS was taken in the incorrect year. Learn all there is to know about Form-71.

From October 1, 2023, there will be a new adjustment that will be extremely helpful to you if your TDS is deducted annually. You may now repair any errors in your TDS credit if there are any. The new electronic application Form 71 was released by the Central Board of Direct Taxes (CBDT) in August. Now, if there is a TDS credit application, you will require this form.

Why is there a new Form-71?

For instance, if your TDS was deducted in the incorrect year, meaning that you had income in another year but the tax agency had again taken TDS in another year, you may request a refund by altering the year using this form. Are. The Income Tax Act of 1962 has been modified to account for this.

You may only change the information from the last two years using this form. The Form 71 will be made available online. You will need a digital signing certificate or an electronic verification code in order to submit. You may download it and fill it out as well.

Where do I submit?

Visit the Income Tax Department's e-filing website at https://www.incometax.gov.in/ to download Form 71.

You must include the taxpayer's name, PAN, address, the year the income was reported, the year TDS was deducted, the amount of TDS deducted, and the reason you are claiming TDS in the form.

Just as you must validate your ITR, this form must be signed and submitted. To do so, you must use an EVC, or electronic verification code, which is a digital signature certificate. Your money will then be returned if your claim is verified.