Mysore/Mysuru: With the introduction of New Income Tax Act of 2025, which comes into effect from 1.4.2026, an opportunity is given to the Income Tax Deductors (TDS)/Collectors (TCS) to submit TDS/TCS correction statements from FY 2018-19 (Q4) to FY 2023-24 (Q3) before 31.3.2026.

If the correction has not taken place, the ITD will demand the defaults and have to be paid.

From FY 2026-27 onwards only last two FY correction statements can be filed. Therefore, the TAN holders are required to check the defaults, if any, in their Income-Tax TRACES portal www.tdscpc.gov.in and file necessary correction statement to avoid default payment.

 For detailed information reference may be made to the provisions of the Income Tax Act, Income-Tax Rules, relevant circulars and/or notifications, stated a press release from N.D. Shreenivaas of Bhavani Associates, Mysuru.