TDS Breaking: Traces releases last date for Filing TDS/TCS Correction Statements up to FY 2023-24, Check Now
According to Section 536 of the new Income Tax Act 2025, the earlier Income Tax Act of 1961 will no longer be valid from April 1, 2026.
According to section 397(3)(f) of the new Income-tax Act, 2025, a deductor or collector can file a correction statement (to fix errors in earlier TDS/TCS statements) in such forms and verified in such manner as may be listed, within two years from the end of the financial year in which these statements are required to be filed under the stated clauses or under Section 200 of the Income-tax Act, 1961.
As a result of the above rule, the due date for filing correction statements for the financial year 2018-19 (Quarter 4), the financial years 2019-20 to 2022-23 (Quarter 1 to Quarter 4) and the financial year 2023-24 (Quarter 1 to Quarter 3) is March 31, 2026. After this deadline, no corrections for these periods will be accepted, as they will be time-barred.
All deductors, collectors, and stakeholders are advised to ensure that any required corrections for these years are submitted by March 31, 2026.
Refer to the official notice for complete information.