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of <h1>CBDT Clarifies 'Immediately Following Assessment Year' in Section 199: TDS Credit Given After Assessee's Accounting Year Ends.</h1> The Central Board of Direct Taxes (CBDT) issued an instruction clarifying the interpretation of the term 'immediately following assessment year' in Section 199 of the Income Tax Act, 1961. It was noted that some officers incorrectly interpreted this to mean the assessment year following the financial year in which tax was deducted. The correct interpretation is that tax deducted at source (TDS) is part of the assessee's income for the relevant previous year. Therefore, credit for TDS should be given in the assessment year immediately following the end of the assessee's accounting year, not the financial year of deduction.
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