Ayush
The Central Board of Direct Taxes (CBDT) and TRACES have issued a strict time limit for revising TDS and TCS statements, which will directly affect refunds.
Important Advisory
The advisory introduces a new time limit for TDS and TCS statements.
Earlier, there was no time limit to revise old TDS and TCS returns, and revisions could be made for years past statements.
New Rule
Under Section 297(3)(f) of the Income Tax Act 2025:
- No unlimited time will be available to revise or correct old TDS/TCS statements.
- You have fixed 2-year time limit to revise or file correction statements from the end of the financial year.
For Example
for the financial year ending 31st March 2024, the last date to revise TDS and TCS return will be 31st March 2026.
After this deadline, TRACES will not accept correction or revision requests for FY 2023-24.
Impact on Refunds
If a TDS/TCS statement is not corrected within the allowed time:
- The deductee will not receive a refund,
- Because incorrect details (like wrong PAN) can no longer be rectified.
Hence, timely correction is essential.
Relief for Older Financial Years
There is a limited-time relaxation for past financial years:
| Financial Year | Applicable Quarters | Last Date for Revision |
| 2018-19 | Q4 only | 31 March 2026 |
| 2019-20 to 2022-23 | All quarters | 31 March 2026 |
| 2023-24 | Q1 to Q3 | 31 March 2026 |
Going forward, from 1 April 2026, TRACES will reject any revision requests for the above-mentioned financial years.
In Short
The government has introduced a strict 2-year deadline for TDS and TCS statement revisions and corrections, beyond which no refund will be available.
Taxpayers must ensure timely revision to avoid issues with refunds due to mismatches or errors.
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