The Income Tax Department of India has launched a revamped TDS Reconciliation Analysis and Correction Enabling System (TRACES) portal, effective from April 1, 2026, following the implementation of the new Income Tax Act 2025. This upgraded portal aims to provide taxpayers with a single-window access to TDS and Tax Collected at Source (TCS) related services. It features a centralized dashboard that allows users to download TDS forms, track TDS credits, and submit corrections. Notably, the old Forms 24Q and 26Q have been replaced with Forms 138 and 140, which are now used for quarterly TDS reporting. Property buyers, however, are advised to use the I-T e-filing portal for TDS payments via Form 26QB, as the new TRACES portal does not support this function. Additionally, the government has reduced TCS rates for foreign travel packages from 5% to 2% and for education and medical remittances from 5% to 2% as part of the new rules, aimed at easing the upfront tax burden on taxpayers.