Introduction: 

Form 24Q is a platform where taxpayers can file TDS returns for the public. It includes important information about wages and tax deductions. Companies are required to file declarations and make quarterly payments in the state.

Form 24Q : 

While allocating salary to an employee, the employer is required to deduct TDS under Section 192. Thereafter, the employer has to file salary TDS return by filing Form 24Q which has to be furnished every three months. This form reports the salary distributed to the employees and the corresponding TDS deductions from these payments.

The employer is required to furnish detailed information regarding distribution of salaries to employees and related TDS deductions. Form 24Q includes the following annexures.

• Annexure I
• Annexure II 

You have to submit Annexure I in the fourth quarter of the financial year. However, Annex II is required to be submitted only in the last quarter (January-March) and need not be submitted in the previous quarter.

Annexure I :

Annexure I of Form 24Q delineates the TDS breakdown (deductee-wise) corresponding to each challan. The following details of the challan are required to be mentioned in Annexure I:

• Allocation of the TDS amount among deductees.
• Allocation of the interest amount among deductees.
• Total amount 
• Challan serial number
• Deposition date
• Branch’s BSR code
• Details of deductions should be included in Appendix I .
• Employee reference number
• PAN
• Name of the employee
• TDS Section Code
• Amount credited or paid 
• Education Cess

Additionally, if the employer fails to deduct TDS or deducts it at a reduced rate, they must provide the reasons for such non-deduction or reduced deduction.

TDS Section Code:

• 192A: Salaries disbursed to government employees other than those employed by the union government.
• 192B: Salary payment towards the  non-government employees 
• 192C – Salary paid to union government  Employees.

Annexure II:

Annexure II of Form 24Q includes the following:

• Salary break-up 
•  tax liability 
• Income from house property 
• Other sources of income 
• Any deductions to be claimed 

How to Download Form 24Q:

The tax department has divided the TDS returns into four categories (Form 27EQ, Form 27Q, Form 26Q and Form 24Q). Taxpayers should select the correct form for filing their TDS return. Below are the steps to download the TDS return form:

Step 1: Visit the official NSDL portal.

Step 2: Go to the ‘Downloads’ section and select ‘E-TDS/E-TCS’ from the drop-down menu.

Step 3: Select ‘Quarterly Returns’ and choose ‘Regular’ setting.

Step 4: Once the page loads, select your TDS return form based on the requirements specified under ‘Form’.

Guide to Fill out Form 24Q :

Follow these steps to correctly fill out Form 24Q:

• Step 1: Start by downloading TDS utility from NSDL website. First, go to the web browser, then select the utility.
• Step 2: Drag and unzip the folder, then select the TDS file.
• Step 3: Open the utility and select Form 24Q from the dropdown menu in the center. Then choose the regular option if the revised form is not being filed, and proceed by clicking “Continue.”
• Step 4: The server will then run Form 24Q. You cannot select Annex II for the first quarter, as it is only available for the fourth quarter.
• Step 5: Next, the employer fills the required details in the form window, including TAN, PAN, financial year, type of deductor and details of the employer. Mandatory fields are marked with an asterisk. Additionally, the form should mention the Form 24Q filed in the previous period. Older claims are validated based on the receipt number from the previous return.
• Step 6: In the challan tab, you’ll find details of the tax paid, including TDS amount, surcharge, interest, and fees columns, which are crucial. The challan provides the BSR code, which the employer can access there. Choose 200 for the “minor head of challan.” It’s advisable for business owners to maintain a separate Excel form while creating challans. This practice helps in preparing the 24Q return without needing to refer to each individual challan separately.
• Step 7: Fill Appendix I with the details of the layoffs, including the number of employees.
• Step 8: The wage information in Annex II is the most important part of this restoration. Initially, start by adding the required number of rows, proportional to the number of employees.
• Step 9: Finally, choose “Create file” from the menu.
• Step 10: Once completed, click on the “Validate” button. This process will result in a Form 27 A and FVU file. Once the employer signs your completed Form 27 A, submit it to the TIN Facilitation Center along with the FVU file.

Due Dates :

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

Tips for Filing: 

• Here are essential tips and points to keep in mind when filing your TDS return:
• Make sure the information you provide is accurate and be prepared to confirm it with necessary documentation, if needed.
• The CBDT may, on a case-by-case basis, extend the deadline for submitting the TDS Form 24Q for a specific financial year. These announcements present valuable opportunities to explore various information portals in case you’ve missed the tax filing deadline. In the long run, this can benefit you. However, since not all portals can be relied upon, it’s crucial to conduct thorough research and select a reputable website.
• Before submitting your PAN details, make sure that you have properly verified each one.
• Regularly, specific modifications are made to the Forms. Failing to stay updated on these changes may lead you in the wrong direction.

Final Word :

It is mandatory for taxpayer to file TDS return for payment of salary through Form 24Q. All firms  and companies in India have to submit this form on a quarterly basis. The reduction in TDS works to curb tax evasion and significantly increases government revenue.