In accordance with the recent amendment to section 200(3) of the Income-tax Act by the FINANCE (No.2) ACT, 2024, it has been stipulated that correction statements for TDS/TCS filings must now be submitted within six years from the end of the financial year in which the original statement was due. Effective from April 1, 2025, this change applies specifically to forms 24Q, 26Q, 27Q, and 27EQ. It’s important to note that for quarters 1, 2, and 3, corrections can be made within six subsequent financial years, while for quarter 4, the correction window extends to an additional year beyond this period due to its later filing deadline falling in the subsequent financial year.
Deductors, collectors, and stakeholders are advised that correction statements related to Financial Year 2007-08 through 2018-19 will only be accepted until March 31, 2025. Updated versions of the Return Preparation Utility (RPU) and File Validation Utility (FVU) are anticipated to be accessible on the Protean website by April 1, 2025, and can be downloaded from this link. For further inquiries, individuals are encouraged to contact the TIN Call Centre at 020-2721 8080 or email tin_returns@proteantech.in.
This update is issued on behalf of Tax Information Network by Protean eGov Technologies Limited, located at 1st Floor, Times Tower, Kamala Mills Compound, Lower Parel, Mumbai – 400 013
Intimation about the restrictions pertaining to filing of Correction TDS/TCS Statements
Dear Sir/Madam,
We would like to invite your attention to the amendment in section 200(3) of the Income-tax Act vide FINANCE (No.2) ACT,2024, no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in sub-section (3) is required to be delivered. In view of the above, correction statements pertaining to Financial Year 2007-08 to 2018-19 shall be accepted only up-to 31st March 2025. Deductors/Collectors and other Stakeholders may kindly take note.
Key points to note:
- No TDS/TCS correction statement will be allowed after the expiry of six years from the end of financial year in which the original statement was filed
- For quarter 1, 2 and 3, corrections can be made within six subsequent financial years. For Q4, corrections can be filed within six subsequent financial years plus one additional year as the filing due date for Q4 fall in subsequent financial year.
- This change is applicable from 1st April 2025 and to forms 24Q, 26Q, 27Q and 27EQ.
Updated RPU & FVU versions are expected to be made available on Protean website by April 1, 2025. The said RPU & FVU can be downloaded from the following URL
https://www.protean-tinpan.
In case of any clarifications, you may contact the TIN Call Centre on 020-2721 8080 and/or email your query at tin_returns@proteantech.in
For and on behalf of Tax Information Network
Protean eGov Technologies Limited (CIN: L72900MH1995PLC095642)
1st Floor, Times Tower, Kamala Mills Compound, Lower Parel, Mumbai – 400 013
