Ahmedabad: According to the new TDS-TCS correction rules, taxpayers can file correction statements for six years from the financial year in which the original statement was due. The deadline for filing such statements for the years 2007-08 to 2018-19 is by March 31.
Jainik Vakil, chairman of the Gujarat Chamber of Commerce and Industry’s (GCCI), direct tax committee said, “With effect from April 1, 2025, the Finance Act (No. 2), 2024, introduces strict timelines for submitting corrected TDS/TCS statements. Earlier, there was less awareness about TDS, and many taxpayers may have committed mistakes in writing PAN. In some cases, when the TDS deductor is not able to get the PAN number of the deductee, they might have used some random PAN. In such situations, if the PAN is incorrect, there is a provision to pay 20% TDS instead of the applicable rates of 1, 2, and 5%. When such notices are issued for 20% TDS, taxpayers go for rectification in TDS. Now, they can do such rectification for only six years. After this deadline, no corrections for these years will be permitted.”