Centralised and Automated Processing of TDS/TCS Statements : Clause 399 of Income Tax Bill, 2025 Vs. Section 200A of Income-tax Act, 1961

Centralised TDS/TCS processing: automated, time bound framework mandates intimation within a year and covers correction statements.

Clause 399 creates an automated framework for processing TDS and TCS statements, including correction statements, requiring rectification of arithmetical errors and adjustment of apparent incorrect claims, computation of interest and fee, determination of net payable or refundable amounts after adjusting prior payments, issuance of a formal intimation to the deductor/collector, and grant of any refund due; it also mandates that intimations be sent within a year from the end of the tax year and empowers the Board to make a centralised processing scheme.