This causes the individual to not be able to claim TDS credit because the income reporting year and TDS deducting year are both different. This why the tax deducted at source (TDS) mechanism needs to be addressed in the Interim Budget 2024, voices industry leaders. To allow individuals to claim TDS credit if it is not deducted in the year when the income occurred, the government notified a specified Form. The Industry experts are also of the same opinion that the time limit for claiming TDS credit is short. The Industry experts also have given another suggestion to the government about process of claiming TDS credit.

Source: Economic Times January 16, 2024 10:42 UTC