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of <h1>New Section 200A in Income-tax Act Streamlines TDS Statement Processing, Effective April 1, 2010, with Error Adjustments and Intimations</h1> Clause 64 of the Finance (No. 2) Bill, 2009 introduces section 200A to the Income-tax Act, effective April 1, 2010. This section outlines the processing of statements of tax deducted at source (TDS). It mandates adjustments for arithmetical errors or incorrect claims in TDS statements, computes interest on deductible sums, and determines the payable or refundable amount after adjustments. An intimation will be sent to the deductor detailing these amounts, provided it is within one year of the financial year-end. The Board may establish a centralized scheme for efficient processing of TDS statements.
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