TDS 24Q - Details and Due Date

TDS 24Q - Details and Due Date

TDS 24Q refers to the Tax Deducted at Source (TDS) Return for Salaries under Section 192 of the Income Tax Act. It is a quarterly return that employers are required to file if they are deducting tax from their employees' salaries.

Key Details of TDS 24Q:

1. Applicability:
   • TDS 24Q is filed by employers who are deducting tax on salaries paid to employees.
   • It covers Salaries paid to employees, and the TDS deducted under Section 192 must be reported in this return.
   • The return includes details like the TDS deducted, tax paid to the government, and salary payments made to employees during the quarter.
2. Forms of TDS 24Q:
   • TDS 24Q is filed in Form 24Q, which is divided into two parts:
     • Part A: Contains the details of the employer, employees, and the summary of TDS deducted and deposited.
     • Part B: Contains detailed information about each employee, such as the amount of salary paid, TDS deducted, and challan details for TDS payment.
3. Due Date for Filing TDS 24Q: TDS 24Q must be filed on a quarterly basis, and the due dates are as follows:
   • 1st Quarter (April - June): 31st July
   • 2nd Quarter (July - September): 31st October
   • 3rd Quarter (October - December): 31st January
   • 4th Quarter (January - March): 31st May (of the following assessment year)
4. Penalty for Non-Compliance:
   • Late Filing Fee: If the TDS return is not filed on time, a penalty of ₹200 per day is applicable under Section 234E, until the return is filed.
   • Interest on Late Payment: Interest is also charged for delayed payment of TDS at the rate of 1.5% per month on the tax amount deducted but not deposited with the government.
   • Penalties for Incorrect Returns: Filing incorrect details or failing to file Form 24Q can attract penalties under Section 271H.
5. Challan Details:
   • When filing TDS 24Q, employers must ensure that the TDS payment is made on time, and the payment details must match the challans submitted.
   • Challan details (such as challan number, BSR code, and payment date) must be mentioned in the return for proper reconciliation.

Conclusion:

TDS 24Q is an important return for employers to report tax deducted on salaries. Filing it on time is essential to avoid penalties and interest charges. Ensure that you meet the quarterly deadlines and provide accurate details of employees' salaries and TDS deductions in the return.