Tax Deductor/Collector Alert! Time Limit for Correction Statement on TRACES | Latest Tax Update |

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Deductor(s)/Employer(s) may please note that the facility of filling Online Correction statement for Form 24Q Quarter 4 (Annexure-II) for FY 2024-25 on TRACES website is temporarily suspended from 27-Dec-2024 to 31-Jan-2025 to implement changes in Annexure-II of Form 24Q. The facility shall resume from 01-Feb-2025 onwards. During the above period the correction statements may be filed through e-filing website/TIN FC using Conso file. NEW!
As per amendment in section 200(3) of the Income-tax Act vide Finance Act, (No. 2) 2024, no correction statement shall be delivered after the expiry of six years from the end of the financial year in which the statement referred to in sub-section (3) is required to be delivered. In view of the above, correction statements pertaining to Financial Year 2007-08 to 2018-19 shall be accepted only up-to 31st March 2025. Deductors/Collectors and other Stakeholders may kindly take note. NEW!