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of <h1>Union Budget 2024-25: Six-Year Limit for TDS/TCS Correction Statements u/ss 200 and 206C from April 2025.</h1> The Union Budget 2024-25 proposes amendments to sections 200 and 206C of the Income Tax Act, impacting the filing of correction statements for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). Currently, there is no time limit for submitting these correction statements, which can lead to potential misuse and difficulties for deductees and collectees. The proposed amendments introduce a six-year limit from the end of the relevant financial year for submitting correction statements. These changes aim to ensure finality and certainty in the filing process and will be effective from April 1, 2025.
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