Income Tax
CBDT has announced that the Income Tax Act, 1961 will stand repealed with effect from 01.04.2026, in accordance with Section 536 of the Income Tax Act, 2025. Further, under Section 397(3)(f) of the new Act, a deductor/collector may file a correction statement within two years from the end of the relevant tax year.
Consequently, correction statements for FY 2018–19 (Q4), FY 2019–20 to FY 2022–23 (all quarters), and FY 2023–24 (Q1 to Q3) will be accepted only up to 31st March 2026. From 01.04.2026 onwards, these will become time-barred and shall not be accepted. Stakeholders are advised to complete all pending corrections within this deadline.
[Update on CBDT and Traces Portal]
