Last opportunity to file revised TDS / TCS:
The amendment to Section 200(3) of the Income-tax Act, as per the Finance Act (No. 2) of 2024, has introduced a key change regarding the timeline for filing correction statements.
Specifically, it stipulates that no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the original statement is required to be delivered.
Key Points of the Amendment:
A correction statement (which can be a rectification of TDS/TCS returns) must be submitted within six years from the end of the financial year in which the original statement (such as a TDS return) was due. After this period, no correction can be made.
For correction statements related to Financial Year 2007-08 to 2018-19, they must be filed on or before March 31, 2025.
This means any rectification or modification of TDS statements for the above-mentioned years must be completed by March 31, 2025, as this marks the expiration of the six-year period for these fiscal years.
For example, if a TDS return for FY 2007-08 was originally due on July 31, 2008, corrections for it would need to be filed by March 31, 2025, as this is the last date for submitting corrections under the new provisions.
This change will require taxpayers and professionals handling TDS filings to take prompt action in correcting any past errors for the specified periods. After the deadline, no further corrections can be made for those periods.
Refer below for official notification:
Last opportunity to file revised TDS / TCS
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