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of <h1>Finance Bill 2023: New Rules for TDS Credit and Interest on Refunds Effective October 1, 2023.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose an amendment to address the issue of TDS mismatch for income disclosed in previous years. Often, TDS is deducted in a later year when income is actually paid, causing difficulties for taxpayers who have already declared this income. A new sub-section in section 155 allows taxpayers to apply for TDS credit within two years from the end of the financial year when TDS was deducted. The Assessing Officer will amend assessments to allow TDS credit for the relevant year. Amendments to section 244A provide for interest on refunds from the application date to refund issuance. These changes take effect from October 1, 2023.
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