Deepak Kumar Singh
0 comments February 21, 2025

New Six-Year Rule for TDS/TCS Correction Statements: Hurry! File TDS Corrections Before the March 2025 Deadline

Amendment to Section 200(3): Timeline for Filing Correction Statement the Finance Act (No. 2), 2024, introduced a crucial amendment to Section 200(3) of the Income-tax Act, affecting the timelines for filing correction statements related to tax deducted at source (TDS) or tax collected at source (TCS). This change seeks to streamline the correction process and set a defined timeline for stakeholders to submit corrections.

The last date for submitting corrections for financial years 2007-08 to 2018-19 is:
31st March 2025

Failure to submit corrections by this date will result in the rejection of the statements, and the errors will remain unresolved in the Income-tax records.


Next Steps for Stakeholders

  • Review Past Statements: Stakeholders are advised to immediately review their TDS/TCS filings for the relevant financial years and identify any errors requiring correction.
  • Prioritize Corrections: Given the limited window for historical corrections, prioritize amendments for financial years close to the 31st March 2025 deadline.
  • Seek Expert Assistance: If needed, consult tax professionals or advisors to ensure accurate and timely submission of correction statements.

The amendment to Section 200(3) of the Income-tax Act emphasizes the importance of timely rectification of errors in TDS/TCS statements. Deductors, collectors, and stakeholders must act promptly to avoid missing the 31st March 2025 deadline for historical corrections.

By adhering to the six-year timeline, taxpayers can ensure smoother compliance processes and avoid potential complications in the future.

Deepak Kumar Singh

Deepak Kumar Singh Founder & Senior Business Consultant Singh and Associates With over 6 years of comprehensive experience in the fields of taxation, accounting, and corporate law, Deepak Singh is the founder and senior consultant at **Singh and Associates**, a leading advisory firm providing a wide range of business services. Over the years, Deepak has built a solid reputation for his expertise in complex tax issues and his commitment to delivering practical, effective solutions to both businesses and individuals. Deepak’s core specialization lies in **GST (Goods and Services Tax)**, **Income Tax**, and **litigation-related matters**. His deep understanding of these areas allows him to assist clients with tax planning, compliance, and dispute resolution. He has successfully represented numerous clients in tax-related audits and legal proceedings, ensuring they navigate the intricate landscape of tax laws with ease and stay fully compliant with the latest regulations. Beyond taxation, Deepak has gained significant experience in **company incorporation** and **compliance management**. He provides end-to-end support for businesses, helping them with the process of establishing a legal entity, ensuring proper registration, and adhering to the necessary corporate governance and statutory compliance requirements. His expertise helps companies maintain smooth operations by staying on top of regulatory changes and fulfilling their legal obligations. In addition to his taxation and corporate services, Deepak has an in-depth understanding of **labor law litigation**, where he assists businesses in managing employment-related disputes. Whether handling issues related to labor contracts, employee disputes, or ensuring compliance with labor laws, Deepak helps businesses navigate these challenges to avoid potential risks and liabilities. Deepak is also highly experienced in **transfer pricing**, offering businesses advisory services on international transactions and cross-border taxation. He ensures that clients maintain compliant and tax-efficient pricing structures, minimizing their exposure to risks in the global market. As the founder of **Singh and Associates**, Deepak takes a client-centric approach, offering personalized, strategic guidance to address each client’s unique needs. His proactive approach, combined with his ability to translate complex tax and legal concepts into actionable advice, has earned him the trust of clients across various sectors. Known for his attention to detail and comprehensive knowledge of business law, Deepak is committed to providing results-oriented services that help businesses achieve financial growth while ensuring regulatory compliance. His firm, **Singh and Associates**, has established itself as a reliable partner for businesses seeking expert guidance on taxation, legal matters, and corporate compliance. Deepak is dedicated to staying updated with the latest developments in tax and business law. His ongoing commitment to professional growth ensures that Singh and Associates remains at the forefront of industry trends, offering innovative and compliant solutions to meet the evolving needs of businesses in today’s competitive landscape.

previous post next post

Leave a comment

Your email address will not be published. Required fields are marked *

Singh & Assoicates

Empowering businesses with expert solutions for compliance, registration, and growth. Join us on social media to stay connected and grow together!

Contact us

© 2024 Singh & Associates | All Rights Reserved.