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Income tax

Tax Alert: TRACES Portal Sets 2-Year Limit for TDS/TCS Corrections

The Income Tax Department has shortened the correction window for TDS/TCS statements to just 2 years via the TRACES portal. This change affects deductors, collectors, and taxpayers alike. Corrections for older financial years (FY 2018-19 to FY 2023-24) must be filed by March 31, 2026. After that, no changes will be accepted. Learn what this means for you and how to act now.