The CBDT has given an urgent advisory about the upcoming deadline for submitting the TDS and TCS correction statements. In light of the forthcoming implementation of the new tax regime (NTR), both deductors and collectors shall ensure that these correction statements are filed promptly.
From the notification, the Income-tax Act, 1961, is set to be abolished on April 1, 2026, and it will be substituted by Section 536 of the Income-tax Act, 2025, which is to be enforced.
Under the new legislation, it is specified by the department that the correction statements for the earlier years shall be legislated on a hard cut-off date of March 31, 2026.
The periods mentioned below are subject to the upcoming limitation:
- FY 2023-24: [Quarters 1 to 3.]
- FY 2019-20 to 2022-23: [All quarters (Q1 to Q4).]
- FY 2018-19: [Quarter 4 only].
A deductor u/s 397(3)(f) of the Income Tax Act, 2025 has the option to furnish a correction statement in 2 years from the completion of the tax year in which the original statement was needed to be made. Once the transition takes place on 1st April 2026, the window shall close for these years. The same statements shall get denied if it does not completed by March 31, 2026.
Read Also: New Numbers for Income Tax Forms (16, 26AS, 24Q, 27Q & More)
All deductors and stakeholders should opt for crucial measures as soon as possible because the strike of midnight on March 31, 2026, the window for these specific financial years closes permanently, the Income Tax Department recommended.
Read Advisory
