Revised TDS 24-25

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TDS deducted in FY 2024–25 must generally be reported in the TDS statement for the relevant quarter of FY 2024–25. You can file a correction statement for that year—for example, to correct deductee details or challan allocation—but you cannot transfer the deduction or its credit to FY 2025–26 merely by revising the statement. The deductee’s credit is generally reflected against the year in which the income is taxable and the TDS is reported.

If the deduction was made or reported in the wrong year, the correction depends on the facts, including the payment/credit date, the applicable TDS provision and whether the original statement has been processed. Please specify what you mean by “transferred”—changing the TDS statement year, challan allocation, or the deductee’s tax credit.

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Moving FY 2024-25 TDS to FY 2025-26:

• No. TDS returns and challans are tied to the FY. If TDS was deducted in FY 2024-25 for the wrong deductee or amount, correct the FY 2024-25 return. You can't transfer it to the next year's return.