Tax credit allocation links TDS and TCS credit to assessable income, supported declarations, certificates, and return-based verification.

Rule 203 allows TDS and TCS credit on the basis of information furnished by the deductor or collector. Credit generally belongs to the deductee or collectee, but may be transferred where income is assessable in another person's hands through a declaration identifying that person, the PAN, payment details, and reasons for transfer. Credit is ordinarily granted in the tax year in which corresponding income is assessable and is apportioned where income spans multiple tax years. Specified transactions receive credit in the year of deduction or collection. Claims are subject to return-based, risk-based verification.

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