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TDS on Salaries | Form 24Q Filing
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.
This document covers
- What is Form 24Q?
- Sections covered in Form 24Q
- Rate and Manner of deduction of tax
- Proofs required to be obtained from employees
- Due Dates for Filing Form 24Q
- Details required for Form 24Q
- Form 16
- Next Steps
1. What is Form 24Q?
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.
More on Form 24Q & Services
2. Sections covered in Form 24Q
Following are the sections covered in Form 24Q
- 92A -Payment to Government employees other than Inion Government employees
- 92B - Payment to employees other than Government employee
- 92C - Payment to Indian Government employees
- 94P - Payment to Specified Senior Citizen
3. Rate and Manner of deduction of tax
- Rate of Income tax: The TDS needs to be calculated at the average rate of income tax based on the slab rates in force on estimated total income of the employee.
- W.e.f FY 2024-25 , New Tax Regime is the default Tax regime and if the employee fails to declare the regime, the employer will consider the default tax regime as New Tax regime and deduct the TDS accordingly
4. Proofs required to be obtained from employees
If the employees are opting for Old tax regime, the employer is required to get the evidence from employee
| S.No | Nature of Claim | Evidence required |
|---|---|---|
| 1 | House Rent Allowance (HRA) | Name, Address and PAN of the landlord if the rent paid exceeds Rs 1 lakh per year |
| 2 | Leave Travel Allowance (LTA) | Evidence of Expenditure |
| 3 | Home Loan | Name, Address and PAN of lender and Home Loan certificate |
| 4 | Chapter VIA deduction | Evidence of Investment or Expenditure |
5. Due Dates for Filing Form 24Q
Form 24Q is required to be filed on quarterly basis. The following are the due dates for filing form 24Q
- For April to June – July 31.
- For July to Sep – Oct 31.
- For Oct to Dec – Jan 31.
- For Jan to March -May 31.
6. Details required for Form 24Q
The following are the details required for Form 24Q filing
- TAN and PAN of Deductor.
- Address of Deductor.
- PAN and Address of Responsible Person (Director in case of Pvt Ltd, Partner in case of Partnership/LLP. Proprietor in case of Proprietorship).
- Challans Paid.
- Name and Pan of Deductees.
- Date of payment and amount of payment.
- For Annexure II, below details are required.
- Whether Employee is opting Old/New regime.
- Deductee Type (Regular, Senior Citizen, Super Senior Citizen,Women).
- Employment period.
- Gross Salary for the financial year.
- House rent paid, Home loan, any other investments u/s 80C,80D etc.
- Any other income which employee has disclosed.
7. Form 16
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.
8. Next Steps
Contact Team EZTax.in to prepare TDS and file your Taxes either through Expert Services or through Online Software @ EZTDS.in