Hiral Vakil
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.
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.
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.
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 |
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.
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.
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.
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