Tax Credit Allocation governs TDS and TCS credit by assessable income year, designated recipient, and verified return claims.

Rule 203 governs credit for TDS and TCS. Credit is ordinarily granted to the deductee or collectee on the basis of information furnished by the deductor or collector, but may be transferred to another person where the income is assessable in that person's hands and a prescribed declaration is furnished. Credit is generally allowed in the tax year in which corresponding income is assessable and is apportioned where income spans multiple tax years. Specified transactions follow a special rule granting credit in the year of deduction or collection.

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