Through notification number G.S.R. 637(E) dated 31st August 2023, the Central Board of Direct Taxes (CBDT) has introduced a new electronic application Form 71 for the purpose of crediting Tax Deduction at Source (TDS) by amending the Income Tax Rules, 1962.
These rules may be called the Income-tax (Twentieth Amendment) Rules, 2023 and shall come into force from the 1st day of October, 2023.
A new Rule 134 is inserted after 133 which states about the Application under sub-section (20) of section 155 regarding credit of tax deduction at source. The application required to be made by the assessee under sub-section (20) of section 155 shall be in Form No. 71.
The Form No. 71 shall be furnished to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or the person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems).
The Form No. 71, shall be furnished electronically, — (i) under digital signature, if the return of income is required to be furnished under digital signature; (ii) through electronic verification code in a case not covered under clause (i).
The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall specify the procedures for furnishing Form No. 71 and shall also be responsible for formulating and evolving appropriate security, archival and retrieval policies in relation to the form so furnished.
The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, or any person authorised by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall forward Form No. 71 to the Assessing Officer.
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