Form 71

Relevant Statute

• Section 155(20) of the Income-tax Act, 1961
• Rule 134 of the Income-tax Rules, 1962

Legal Provision:

• This form applies where income is included in the return furnished under section 139 for any assessment year and tax on such income has been deducted at source and deposited with the Central Government in a subsequent financial year.
• The receiving authority shall forward the Form to the Assessing Officer.
• Upon such application, the Assessing Officer shall amend the assessment order or intimation to allow credit of such TDS in the relevant assessment year, and such credit shall not be allowed in any other assessment year.
• Provisions of section 154 apply, and the four-year period under section 154(7) is to be computed from the end of the financial year in which such tax was deducted.

Applicable for:

• Any assessee

Effective from:

• Form 71 is introduced by the Income-tax (20^thAmendment) Rules 2023, w.e.f. 01-10-2023

Pre-requisite while filing the form:

• Not applicable

Due Date:

• The Form is to be furnished within 2 years from the end of the financial year in which such tax was deducted at source.

How to file it

• Form no. 71 is to be filed online at https://www.incometax.gov.in/iec/foportal/
• Form shall be verified either under digital signature or EVC.