TDS and TCS credit rules link tax credit to assessable income, permit transfers, apportionment, and verification.

Rule 203 governs credit for TDS and TCS based on information furnished by the deductor or collector. Credit is ordinarily granted to the deductee or collectee and in the tax year in which corresponding income is assessable. Where income is assessable to another person, credit may be transferred on a prescribed declaration, with reporting and certificates issued in that person's name. Credit is apportioned where income spans multiple tax years. Specified transactions follow an overriding rule granting credit in the year of deduction or collection. Claims remain subject to return-based verification.

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