Tax deducted or collected at source under sections 392 to 394 of the Income-tax Act, 2025 for payments from 1 April 2026, and under the Income-tax Act, 1961 for earlier quarters, including corrections.
Which Act? The Income-tax Act, 2025 applies from 1 April 2026 (tax year 2026-27 onwards). Returns, audits and proceedings for FY 2025-26 and earlier years continue under the Income-tax Act, 1961. What changes.
What the work covers
- Mapping each payment to the correct TDS or TCS provision and rate
- TAN application
- Quarterly statements: salary (Form 138, formerly 24Q), other payments to residents (Form 140, formerly 26Q), payments to non-residents (Form 144, formerly 27Q) and TCS (Form 143, formerly 27EQ)
- Certificates to employees (Form 130, formerly Form 16) and other deductees (Form 131, formerly Form 16A)
- Correction statements and TRACES default notices
- TDS on purchase of immovable property and on rent paid by individuals
- Reconciliation of books, challans and TRACES
Documents usually needed
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