IT Department has issued an update regarding income tax traces portal, where Online Correction related to Form Type 26Q, 27Q and 27EQ for Q1 has been disabled for F.Y. 2023-24 due to ongoing changes in system as per notification no. 28/2023.
Reetu | Jul 28, 2023 |
Income Tax Portal Update: Online Correction related to Form 26Q, 27Q and 27EQ for Q1 has been disabled
The Income Tax Department has issued an update regarding income tax traces portal, where Online Correction related to Form Type 26Q, 27Q and 27EQ for Q1 has been disabled for F.Y. 2023-24 due to ongoing changes in system as per notification no. 28/2023.
The Notification no. 28/2023 that was released in the month May, notifies Income Tax (Fifth Amendment) Rules, 2023. Where, the new rules specifies how to calculate ‘Net Winnings’ from online gaming under sections 115BBJ and 194BA of the Income Tax Act of 1961 (“the IT Act”).
The amending regulation also changed certain forms connected to Tax Deducted at Source (“TDS”) / Tax Collection at Source (“TCS”) to reflect changes made by the Finance Act of 2023.
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