As per the Income Tax Act, if an employer is making any salary payment to an employee and the amount exceeds the basic exemption limit then the employer is liable to deduct TDS under section 192 on such amount. If tax has been deducted from the salary then the employer is liable to file a return in Form 24Q.
What is Form 24Q?
Form 24Q is a TDS Return/ Statement containing details of TDS deducted from the salary of employees by the employer. Form 24Q is required to be submitted on a quarterly basis on or before the due date. It has details of the salary paid and TDS deducted from the salary paid to the government.
Also, Form 24Q consists of 2 annexures – Annexure I and Annexure II
- Annexure I: It contains details of Salary paid and TDS deducted on such amount. It is required to be submitted for all 4 quarters of the financial year.
- Annexure II: It contains details of the total breakup of salary, any deductions claimed by the employee, or income from any other source. In this, the overall tax liability should be calculated by the employer. Annexure II needs to be filed only for the last quarter of the financial year.
Who is required to file Form 24Q?
Employers are required to deduct TDS from the payment of salary made to the employees. Further, the employer may be the following persons:
- Individual
- Partnership Firms
- Company
- Limited Liability Partnership
- HUF
Details required to file Form 24Q
Following are the details required to file this Form:
| Entity | Details |
| Deductor/ Employer | TAN, PAN, Name, Address, and Contact Details |
| Responsible Person | Name, PAN, Address, and Contact Details |
| Challan | Challan serial number, BSR Code, TDS, Surcharge, and Education Cess paid |
| Deduction | Deductee/ Employee Name, PAN, Amount of Salary paid, TDS amount deducted and deposited |
Due Date to file Form 24Q
The due date for Payment of TDS deducted from salary for every month is the 7th of the next month. For the month of March, it is the 30th of April of the next year.
The due date for filing this Form for every quarter is as follows:
| Quarter | Period | Due Date |
| Q1 | 1st April – 30th June | On or before 31st July |
| Q2 | 1st July – 30th September | On or before 31st October |
| Q3 | 1st October – 31st December | On or before 31st January |
| Q4 | 1st January – 31st March | On or before 31st May |
TDS Certificate
The employer will be liable to provide a certificate in Form 16 to the employee at the end of the financial year. Part B of Form 16 will contain details of all the breakup of salary, deductions claimed if any and the tax paid for the whole financial year. The deductor can download the form from the TRACES.
FAQs
Yes, as per Section 234E, a penalty of INR 200 per day will be levied till the return is filed. Also, the maximum penalty will not exceed the amount of TDS deducted.
If an employee refused to provide their PAN number, the employer must deduct TDS at the rate of 20%.
If an employer deducts the excess tax from your salary, then you can claim this as a refund while filing your Income tax return.
Hey @HarshitShah
Yes, in case you have not deposited TDS by the due date, the following penalties might be applicable:
Interest (if you do not deposit the TDS amount in time)
Late filing fee (if you do not file by the deadline)
Penalty (if TDS is not filed within one year of the due date)
Hope this helps!
Hey @HarishMehta
Form 24, 27 and 27E are forms to file TDS/TCS returns:
Form 24 is to file TDS return detailing Salary Payments
Form 27 is to file TDS return detailing Foreign or NRI payment other than salary
Form 27E is to file TCS returns
Hope this helps!
Hi @KrishnaAgarwal
Hey @taxpayer, you can file your Income-tax return can claim the tax refund for any excess tax credits available to you.
If your total taxable income is below the basic exemption limit then you won’t have any tax payable.
You can check the total tax credits available to you in your Form 26AS
@Muskan_Balar @Bharti_Vasvani can you help here?
Hello @abhaykk90,
As per section 194IB of the income tax act, if you’re liable to deduct TDS on rent paid, the rate applicable will be 5%.
Hope this helps!
Hi @t_bovee,
Here are answers to your various questions
However, you can file TDS return 26QC within 30 days from the end of the financial year.
Here’s a read on What is Form 26QC? Who needs to file form 26QC? - Learn by Quicko for your reference. Hope this helps.
Hi @t_bovee
It would not be possible for us to tell you the mismatch of amounts, without seeing the documents.
However, for expert assistance with your taxes, here’s how you can Book a MEET.
Hi @paliya_hitesh
Here’s read on Form 26Q: TDS on other than Salary - Learn by Quicko for your refrence.
Thank you for the reference @Shrutika_Shah