Bytes

Bytes - Your weekly dose of
investments, taxes, finance & more.

IT Portal 2.0
www.incometax.gov.in

IT Portal 2.0

Check out the latest videos explaining the various features of the new portal
www.incometax.gov.in
previous arrow
next arrow

Form 24Q: TDS on Salary

author portrait

Hiral Vakil

TDS
TDS Returns & Forms
Last updated on April 26th, 2021

What is Form 24Q?

Form 24Q is a TDS Return/ Statement containing details of TDS deducted on salary of employees by employer. Form 24Q is required to be submitted on quarterly basis on or before the due date. It has details of salary paid and TDS deducted from salary payment to the government.

Who is required to file Form 24Q?

Employers are required to deduct TDS from payment of salary made to employees. Hence, all the employers (i.e; company, firms etc) are required to file Form 24Q with income tax department on quarterly basis. TDS needs to be deducted from salary income of employee when his income for a particular year is more than basic exemption limit.

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

In addition to above details, Annexure II needs to be filed only for the final quarter (Q4) of the year. It contains Salary Details of each employee.

What is the due date to file Form 24Q?

Due date for Payment of TDS deducted on salary for every month is 7th of the next month. For the month of March, it is 30th April of the next year.

Due date for filing this Form for every quarter is as follows:

Quarter Period Due date for filing Form 24Q
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

FAQs

What is Form 24Q?

It is used for preparing e-TDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961. It has to be submitted on a quarterly basis by the deductor. It contains details like salaries paid and the TDS deducted of the employees by the employer.

What is form 27EQ?

Form 27EQ is a quarterly statement that mentions details and information regarding tax collected at source at the end of every quarter as per Section 206C of the Income Tax Act 1961.

Who is eligible for TDS?

Any person making specified payments mentioned under the Income Tax Act are required to deduct TDS at the time of making such a specified payment. But no TDS has to deducted if the person making the payment is an individual or HUF whose books are not required to be audited.

Got Questions? Ask Away!

  1. 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!

  2. 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!

  3. Hi @KrishnaAgarwal

Continue the conversation on TaxQ&A

2 more replies

Participants