IT Dept Advisory – TDS/TCS Correction Window

The Income Tax Dept has clarified timelines for revising old TDS/TCS statements. Here’s what you need to know:

 Correction allowed only till 31 March 2026

– Covers Q4 FY 2018-19 to Q3 FY 2023-24.

– After that date, corrections won’t be accepted.

Reason

– New law Section 397(3)(f), IT Act 2025 → correction window cut from 6 years to 2 years.

– Hence, all older corrections must be done by 31 March 2026.

 

 Impact on taxpayers

– Applies to deductors (employers, banks, property buyers, etc.) and deductees (taxpayers).

– If Form 26AS/AIS shows wrong details → correction must be filed before the deadline.

 

Uncorrected Error

– Wrong challan details / incorrect TDS deposit = you lose credit.

– Uncorrected errors may lead to tax notices or paying tax again.

 

Action to Take

– Review TDS/TCS demands raised till Dec 2023.

– Get all corrections filed by 31 March 2026.