Tds Form 24q - TDS Return for Salary Payment

According to Section 192 of the Income Tax Act 1961, an employer deducts TDS while paying salary to an employee. An employer has to file salary TDS return in Form 24Q, which has to be submitted on a quarterly basis. Details of the salary paid to the employees and the TDS deducted from the payment has to be specified in Form 24Q. In other words, Form 24Q is the quarterly statement of the payment made to the employee and the TDS deducted from it by the deductor. In this article, we look at Tds Form 24q in detail. Click here to

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Tax Deduction at Source

Tax Deduction at Source (TDS) is a system where tax is collected at the source of income. A person liable to pay tax (deductor) of any kind to any other person (deductee), gets the tax deducted at source and remits the payment to the account of the Central Government. The person from whom tax has been deducted is entitled to get a credit of the amount on the basis of Form 26 AS or TDS certificate that has been issued by the deductor.

Annexures

Form 24Q consists of two annexures namely Annexure I and Annexure II.

Annexure I

Annexure I contains details pertaining the deductor, challans and deductees. This annexure does not contain salary details. The annexure has to be filed and submitted for all four quarters of a financial year.

Challan details mentioned in Annexure I

BSR code of the branch
Date of deposition of challan
Challan serial number
Total Amount in Challan
TDS amount to be allocated among deductees
Interest amount to be allocated among deductees

Deductee details mentioned in Annexure I

Employee reference number (if available)
PAN of the employee
Name of the employee
TDS Section Code
Date of payment/ credit
Amount paid or credited
TDS amount
Education Cess

Annexure II

Annexure II contains salary details that need not be submitted during the first three-quarters but, only for the fourth quarter of every financial year along with the salary details of the employee for the complete financial year. This annexure covers all deductions that have to be claimed by the employee, income from other sources, house property and overall tax liability as calculated. TDS on salary has to be deducted according to the income tax slabs. The employer has to consider all the deductions and investment of the employee.

Due Dates of 24Q

The due dates of 24Q are given below:

Quarter	Due Date
April to June	31st July
July to September	31st October
October to December	31st January
January to March	31st May

Online Submission of Form 24Q

It is made compulsory to submit the quarterly return online if the deductor is

A government officer
A company's principal officer
An assessee who has accounts audited for the previous year under Section 44AB of the Income Tax, 1961.
If the record of deductees made in a statement is 20 or above during any quarter of a particular financial year.

Interest

If TDS is not deducted - 1% interest is charged per month from the due date of deduction to actual date of deduction.
If TDS is not deposited - 1.5% of interest is charged per month from the actual date of deduction to actual date of payment.

Filing Fee

As per Section 234E, for late filing, a fine of Rs. 200 per day will be charged until the return is filed. This amount has to be paid for each day until the total fine is equal to the TDS amount.

Penalty

According to Section 271H, besides the fee that is paid under Section 234E, AO may charge a penalty of minimum Rs. 10,000 to Rs. 1,00,000. However, there is no penalty for the following cases:

If TDS is deposited to the government.
If late filing fee and interest are deposited.
If the return is filed before 1 year from the due date.

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Frequently Asked Questions

Common questions about TDS Form 24Q Filing.

TDS Form 24Q is a quarterly statement that employers must file to report the salary paid to their employees and the tax deducted at source (TDS) from those payments. It serves as a record of the TDS deducted and submitted to the government by the employer on behalf of their employees.

Any employer who deducts TDS from the salary paid to their employees is required to file TDS Form 24Q on a quarterly basis. This includes government officers, companies, and assessees whose accounts are audited under Section 44AB of the Income Tax Act, 1961, or who have 20 or more deductees in any quarter.

The due dates for filing TDS Form 24Q are as follows: for the quarter April to June, the due date is July 31st; for July to September, it's October 31st; for October to December, it's January 31st; and for January to March, it's May 31st.

TDS Form 24Q consists of two annexures: Annexure I and Annexure II. Annexure I contains details about the deductor, challans, and deductees, while Annexure II covers salary details and deductions claimed by the employee for the entire financial year (submitted only for the fourth quarter).

If TDS Form 24Q is filed after the due date, a late filing fee of Rs. 200 per day is charged until the return is filed, subject to a maximum amount equal to the TDS amount. Additionally, the Assessing Officer may impose a penalty ranging from Rs. 10,000 to Rs. 1,00,000 under Section 271H.

Online submission of TDS Form 24Q is mandatory for government officers, companies' principal officers, assessees whose accounts are audited under Section 44AB, and deductors who have 20 or more deductees in any quarter of the financial year.

Annexure I of TDS Form 24Q requires details such as the deductor's information, challan details (BSR code, date of deposition, challan serial number, and amounts), and deductee details (employee reference number, PAN, name, TDS section code, date of payment/credit, amount paid or credited, TDS amount, and education cess).

Annexure II of TDS Form 24Q is submitted only for the fourth quarter and contains the salary details of the employees for the entire financial year. It covers deductions claimed by the employees, income from other sources, house property, and the overall tax liability calculated.

If TDS is not deducted, an interest of 1% per month is charged from the due date of deduction to the actual date of deduction. If TDS is deducted but not deposited, an interest of 1.5% per month is charged from the actual date of deduction to the actual date of payment.

Yes, there are exceptions to the penalty for late filing of TDS Form 24Q. No penalty is imposed if the TDS is deposited to the government, if the late filing fee and interest are paid, or if the return is filed within one year from the due date.