Quick Summary
Time limit to file correction statement in respect of TDS / TCS Statements Section 200 of the Act lists the duty of the person deducting tax under the provisions of Chapter XVII-B. Sub-section (3) of this section requires that a deductor after paying the tax deducted to the credit of the Central G
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FAQ :
The Budget 2024 proposes to introduce a time limit of six years for filing correction statements for TDS and TCS.
The amendments are set to take effect from 1st April 2025.
The change is being introduced to put an end to the indefinite revision of TDS/TCS statements, which could be misused, and to bring certainty and finality to the filing process.
No, currently there is no specified time limit for furnishing correction statements for TDS/TCS.
The six-year period will be calculated from the end of the financial year in which the original TDS or TCS statement was delivered.
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