Section 192 of Income Tax Act, 1961 provides that every person who is responsible for paying any income which is chargeable under the head Salary needs to deduct TDS u/s 192 and file the TDS returns in Form 24Q.
It is the responsibility of Employer (Deductor) to deduct the taxes, pay the taxes to Government and file the TDS returns in Form 24Q. Employee is called Deductee.
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Form 24Q is one type of TDS Return. Form 24Q is a quarterly Statement of deduction of tax on Salaries. Annexure II (Salary Details) are not required to be furnished while filing Q1, Q2 and Q3 Form 24Q. Annexure II which give yearly salary details and deduction details needs to be given while filing Q4 Form 24Q.
Following are the sections covered in Form 24Q
Form 24Q is required to be filed on quarterly basis. The following are the due dates for filing form 24Q
The following are the details required for Form 24Q filing
Form 16 is the TDS certificate to be issued by Employer (Deductor) to Employee (Deductee) in respect of tax deducted or tax deposited in respect of Salary. Form 16 should be given by the Employer to Employee within 15 days of Form 24Q filing of last quarter i.e. June 15 every year unless due dates extended.
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