Income Tax Breaking: TDS/TCS Corrections Will Not Be Accepted After This Date:

Income Tax Breaking: TDS/TCS Corrections Will Not Be Accepted After This Date From April 1, 2026, the old Income Tax Act of 1961 will be discontinued. It will be officially repealed as mentioned in Section 536 of the new Income Tax Act, 2025. However, the new Income Tax Act, 2025, will be applicable from April 1, 2026. Under Section 397(3)(f) of the Income Tax Act, 2025, an employer or any person deducting TDS/TCS is allowed to file a correction statement for TDS/TCS returns. However, such correction statements can be filed only within two years from the end of the tax year in which the original statement was required to be filed, either under the old Act, the Income Tax Act, 1961 or under the new Act.

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Because of this provision, correction statements relating to the following periods will be accepted only up to March 31, 2026:

• FY 2018-19 (Quarter 4)
• FY 2019-20 to FY 2022-23 (Quarter 1 to Quarter 4)
• FY 2023-24 (Quarter 1 to Quarter 3)

After March 31, 2026, these correction statements cannot be filed or accepted from April 1, 2026 onwards due to the limitation period.

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All deductors, collectors, and other stakeholders are therefore advised to review their TDS/TCS filings for the above periods and ensure that any required corrections are completed before March 31, 2026, as filing corrections for these periods will not be allowed after this date.