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of <h1>Income Tax Bill 2025 Clause 399 introduces automated TDS/TCS statement processing with enhanced adjustment mechanisms and centralized schemes</h1> Clause 399 of the Income Tax Bill, 2025 establishes a comprehensive framework for processing TDS/TCS statements, replacing Section 200A of the current Act. The provision mandates automated processing including correction of arithmetical errors, computation of interest and fees, determination of payable/refundable amounts, and timely intimation to deductors/collectors within one year. Key enhancements include explicit coverage of both TDS and TCS statements, comprehensive adjustment mechanisms against multiple payment sections, and empowerment for centralized processing schemes. The clause aims to ensure accurate tax collection, timely refunds, and minimize disputes through transparent, technology-driven administration while maintaining similar processing sequences as the existing provision.
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