The Income Tax Department has announced that correction statements for FY 2018-19 (Q4), FY 2019-20 to FY 2022-23 (all quarters), and FY 2023-24 (Q1–Q3) will be accepted only up to 31st March 2026. As per Section 397(3)(f) of the Income Tax Act, 2025, correction statements must be filed within two years from the end of the relevant tax year. No such filings will be permitted from 1st April 2026 onwards. The Income Tax Act, 1961 will stand repealed effective 01.04.2026. Deductors, collectors, and stakeholders are urged to complete pending corrections well before the deadline.
The Income Tax Act 1961 stands repealed w.e.f 01.04.2026 by virtue of section 536 of Income Tax Act 2025.
Further, as per section 397(3)(f) of Income Tax Act, 2025, deductor/collector may deliver a correction statement in such form and verified in such manner as may be prescribed, to the prescribed authority within two years from the end of the tax year in which such statement is required to be delivered under the said clauses or under section 200 of the Income-tax Act, 1961.
Consequent to the above, correction statements for FY 2018-19(Qtr. 4), FY 2019-20 to 2022-23 (Qtr. 1 to Qtr. 4) and FY 2023-24 (Qtr. 1 to Qtr. 3) shall be accepted only up-to 31st March 2026. The same are time barred by limitation on 31.03.2026 and would not be accepted from 01.04.2026 onwards.
Deductors /Collectors and other Stakeholders may kindly take note of the same and they are advised to take necessary steps to ensure all corrections for the above period, if any, are carried out in time as filing of the same for above period would be barred by limitation on 31.03.2026.
Source from: https://incometaxindia.gov.in/Documents/Eng-397.pdf
