Form 24Q - TDS Return for Salary

Form 24Q is utilized by the taxpayers for the declaration of the TDS returns of the citizen. The form would have the information on the salary and the tax deductions. The companies in the country would have to make declarations and payments each quarter.

What is 24Q TDS?

While paying an employee his or her monthly income, the firm will deduct TDS under Section 192. The firm will need to give the form 24Q each quarter of the financial year to show the TDS for the salary.

The Form 24Q can show you the total remuneration that is paid to the deductee and the TDS deducted from the employee's salary. No business needs to refrain from abiding by the norms of filling Form 24Q when needed.

Form 24Q - Annexure

Form 24Q's Annexure I contains information on the deductor, challans, and deductees. The branch's BSR code, the challan's serial number, the date it was deposited, the total amount in the challan, the amount of TDS to be distributed among the deductees, and the amount of interest to be distributed among the deductees are all details of the challan(s) given.

Employee reference number (if available), name, PAN, date of payment or credit, TDS amount, TDS Section code, the amount paid or credited, and education cess are the details of the deductee(s) that should be given.

The salary information listed in Annexure II includes the overall compensation breakdown and the employee's allowed deductions. While Annexure II must be submitted only during the fourth quarter of the fiscal year, Annexure I must be filed during each of the four quarters of a fiscal year.

Form 24Q Online

There can be a Form 24Q download and submitted online with the needed documents. 

Prerequisites for Filing Form 24Q:

  • Challan Number
  • Challan Date
  • Challan Amount
  • PAN of the employee
  • Other income details

How to File TDS Return for salary?

You will have to follow the steps that are mentioned below:

1) It is mandatory to submit the return online when the deductor is:

  1. A government officer.
  2. An assessee who has accounts that are audited for the previous year under Section 44AB of the Income Tax Act.
  3. Company's principal officer.
  4. When the record of the deductees made in the statement is 20 or more during any quarter of a particular financial year.

2) The interest rates:

From the due date of deduction until the actual date of deduction, 1% interest is imposed if TDS is not deducted.

1.5% in interest is assessed each month from the actual date of deduction to the actual date of payment if TDS is not deposited.

3) Fees to be paid during filing:

According to Section 234E, there is a punishment of Rs. 200 each day till the return is filed for a late submission. Up until the entire fine is equal to the TDS amount, this amount must be paid daily.

4) Due Dates

  • April to June – July 31
  • July to Sep – Oct 31
  • Oct to Dec – Jan 31
  • Jan to March -May 31

5) Steps to File Online

Step 1: You will have to download the TDS utility from the NSDL website. Firstly, you will have to log in to the website and then choose the utility.

Step 2: You will have to download and unzip the folder, and then you will have to choose the TDS file.

Step 3: You will have to open the utility and choose Form 24Q from the dropdown menu that is located at the centre. Then you will have to choose the regular icon since the revised form is not filed, and then you will have to press on - continue.

Step 4: The server would then direct to Form 24Q. You will not be able to choose Annexure -II for the first three quarters as it would appear only in the fourth quarter.

Step 5: The employer then enters the fundamental information in the form window. These comprise the TAN, PAN, financial year, kind of deductor, and employer information. Mandatory fields are those with an asterisk. The form demands that the specifics of Form 24Q filed for the earlier period be mentioned at the end. The validation of the prior filing is contained in the previous return's receipt number.

Step 6: The challan tab will have the details of the amount of the tax paid. The TDS amount, surcharge, interest, and fees columns are crucial. The challan contains the BSR code, which the employer can obtain there. Select 200 for the "minor head of challan." It is recommended for business owners to keep a separate Excel form on hand when creating challans. It would assist them in preparing the 24Q return without having to refer to each individual challan one at a time.

Step 7: Add the deductees' information, including the number of employees, to Annexure I.

Step 8: The wage information in Annexure II is the most important part of this return. Add the necessary number of rows at the beginning, which should be the same as the number of employees.

Step 9: Now select "Create file" from the menu.

Step 10: Click the "Validate" button after you're finished. Form 27 A and the FVU file will then be generated. Send the completed form 27 A and FVU file to the TIN facilitator centre after the employer signs it.

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