TDS form 24Q, How to file Form 24Q, how to file TDS return
TDS form 24Q, How to file Form 24Q, how to file TDS return
TDS form 24Q, How to file Form 24Q, how to file TDS return
TDS form 24Q, How to file Form 24Q, how to file TDS return

Form-24Q

About Form-24Q

TDS or Tax Deducted at Source is an advanced tax deduction system specially designed and presented by the Income Tax Department of India. The methodology behind this system is to deduct a certain percentage of tax at the source of payment. The deduction varies between 1% to 10% depending on the individual's monthly income.

Purpose of Form 24Q

When paying an employee(deductee) his/her monthly allowance, the firm(deductor) deducts TDS under Section 192. The firm would need to submit Form 24Q every quarter of the financial year to indicate TDS for salary. Form 24Q indicates the total remuneration paid to the deductee and the TDS deducted on the employee's salary. No firm must refrain from abiding by the norms to file Form 24Q when required.

Our Scope of work

  1. Preparation of Form-24Q
  2. Filing with Authorities
  3. Obtaining GSTIN
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TDS form 24Q, How to file Form 24Q, how to file TDS return
TDS form 24Q, How to file Form 24Q, how to file TDS return

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Know more about Form-24Q

Every employer is required to deduct TDS on salaries , if they exceed basic exemption limit. Employer can be an Individual, HUF, firm or a company.The employer should file TDS return on deduction of tax on salaries under Form 24Q quarterly.

For TDS deduction and filing Form 24Q one should have TAN i.e (Tax deduction Account Number) and other requirement for filing Form 24Q is as under:

  • Challan details
    • Challan Number
    • Challan Date
    • Challan Amount
  • Employee Details
    • PAN of the employee
    • Other income details

According to the prescribed formats, an e-TDS/e-TCS return should be prepared in an ASCII format. The file extension should be '.txt'. One can get his/her e-TDS/e-TCS return prepared with the help of any software or the NSDL e-TDS Return Preparation Utility. If you want to take a look at the Income-tax department-approved format, click on - tin-nsdl.com/downloads/e-tds/download/24Q_01042015.pdf.

Once you have created the file according to the approved format, you need to validate it. Form 24Q can be validated with the File Validation Utility (FVU), an NSDL e-Gov /platform. In case the file that you have prepared has any mistakes, the File Validation Utility (FVU) will provide the report with those mistakes. It will enable you to correct those mistakes and re-verify with the help of the FVU. You must furnish the error-free generated file and validate it using the File Validation Utility (FVU) to the TIN-FC.

Conclusion

The information above should help you understand the Form 24Q properly and will help you get it done without making any mistakes. No matter what, filing TDS return on time is important. As a responsible citizen who wants to contribute to the growth and development of India, you must pay your taxes on time.

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