TDS and TCS credit rules align tax credit with assessable income, permit transfers, apportionment, and risk-based verification.

Rule 203 governs credit for TDS and TCS on the basis of information furnished by the deductor or collector. Credit ordinarily belongs to the recipient of payment or the person from whom tax is collected, but may be transferred where income is assessable in another person's hands through a prescribed declaration. Credit is generally allowed in the tax year in which related income is assessable and is apportioned where income spans multiple years. Specified transactions follow a special year-of-deduction or collection rule, and all credit remains subject to return claims and risk-based verification.

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