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The Income Tax Department has launched its revamped and upgraded TCS Reconciliation Analysis and Correction Enabling System (TRACES) portal. The TRACES 2.0 portal aims to provide single window access to services related to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). The upgraded portal comes after the new IT Act 2025 was recently brought into force from 1 April 2026 onwards.
From 1 April, major changes were introduced in the Indian tax compliance framework with the objective to expand digital reporting, add more transparency in tax administration for businesses and individuals and streamline tax filings.
To access the new TRACES portal of the Income Tax Department, here’s what you need to do:-
Visit the new TRACES 2.0 portal @ www.traces.tdscpc.gov.in.
Even if you visit the old TRACES website link @ www.tdscpc.gov.in, you will automatically be redirected to the new portal.
A separate TRACES portal has been made available for the NRI taxpayers @ nriservices.tdscpc.gov.in.
The upgraded TRACES portal has a new look and feel. It comes with an upgraded design, new menu options and new ways to navigate on the portal. TRACES 2.0 provides you a centralized dashboard using which you can download your TDS forms and certificates, keep track of your TDS credits and submit corrections.
There is a new menu path for taxpayers who want to finish compliance for FY26 or earlier years. You just need to choose the right section from the "Compliance under Income Tax Act" tab from the menu bar.
The Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) systems are being changed as part of the IT Act 2025 overhaul. The goal here is to save time, cut down on manual errors, avoid mismatches and speed up processing. The government has replaced the old Forms 24Q and 26Q with Forms 138 and 140 as part of the new rules. These new TDS forms shall be used to report TDS statements every three months.
Employers (a company, a government body or an individual) shall use Form 138 to report the TDS that was taken out of employees' paychecks u/s 392 of the Act. Specified banks shall also use it to report taxes taken out of pension payments and TDS on income paid to specified senior citizens.
Form 140 quarterly statement shall be filed by deductors who are responsible for TDS deduction on non-salary payments like commission, brokerage, professional fees or rent made to residents.
According to Chartered Accountant and Tax2Win co-founder Abhishek Soni, the property buyers cannot use the TRACES 2.0 portal to deposit TDS payments. Such payments need to be made via IT e-filing portal using the challan-cum-statement Form 26QB.
TRACES 2.0 is designed for post payment activities like downloading Form 16B, tracking TDS credits, verifying transaction details and making necessary corrections, according to the Tax2Win co-founder.
The Government of India has reduced Tax Collected at Source (TCS) to a flat 2% on foreign travel packages, education and medical remittances abroad. This move has been taken to ease upfront tax burden on people.
Source:- Live Mint
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