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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025 Clause 399 creates unified centralized processing for TDS and TCS statements with automated error correction</h1> Clause 399 of the Income Tax Bill, 2025 establishes a unified centralized processing mechanism for both tax deduction at source and tax collection at source statements, including correction statements. The provision requires computation of deductible/collectible amounts after adjusting arithmetical errors and incorrect claims, calculation of interest and fees, determination of net payable/refundable amounts, and communication through formal intimation within one year from the tax year end. This consolidates the previously separate regimes under the Income-tax Act, 1961, which handled TDS and TCS processing differently. The Board is empowered to create centralized processing schemes leveraging technology for improved efficiency and reduced manual intervention in tax administration.
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