24Q TDS – Salary TDS Return, Due Date & Filing Rules

Key Insights 

1. Employers need to submit Form 24Q every quarter by these deadlines: July 31, October 31, January 31, and May 31.

2. If you file late, there is a ₹200 daily fine under Section 234E, up to the total TDS amount.

3. Providing incorrect PAN details can lead to a ₹10,000 penalty under Section 271H, on top of other filing penalties.

If you file quarterly TDS returns as an employer, you need to understand the 24q form for tds return process to stay compliant. 

You can use this form to report taxes deducted from salaries. For non-salary payments, use Form 26Q TDS, and in this blog, you can learn how to file 24q tds return.

Form 24Q is like a quarterly report card you send to the government about your employees’ salaries, deductions, and TDS. As an employer, you need to fill it out for each quarter, and you can use 24q form for tds return. Filing it by the 24q tds return due date helps you stay compliant and avoid late penalties.

Example:

I file Form 24Q every quarter as an employer. In the first quarter, I reported total salaries of ₹25,00,000, used the 24Q TDS rate based on income slabs, deducted ₹2,50,000 as TDS, and submitted the return in the required 24Q TDS format before the deadline to remain compliant.

What is the Form 24Q Due Date?

If you miss the Form 24Q due date, you may face penalties. Be sure to note these quarterly deadlines to keep your TDS compliance for salaries on track.

• 31st July for April to June
• 31st October for July to September
• 31st January for October to December
• 31st May for January to March

Whenever you fill the form, you make sure to meet these quarterly deadlines to file on time, stay compliant, and avoid penalties.

What is the TDS Section Code Under Form 24Q?

You have to choose the right how to file 24q tds rate return section code in Form 24 to help ensure that the salary is reported accurately and that the records are maintained without any tension.

Apply Section 192 for regular salary TDS, Section 192A for EPF withdrawals, and Section 192C for central government employees. This helps make sure your reporting is accurate.

Bonus Tip: If an employer deducts from an employee's emoluments or pays any of the employee's contributions to an approved superannuation fund, these deductions or payments should be included in the statements.

What are the Fees and Penalties Associated With the Form 24Q?

If you do not file Form 24Q and 26q tds on time, you may face certain financial penalties. Knowing about these fees helps you manage costs.

Interest

• If TDS is not deducted, interest is charged at 1% per month from the date it was due until the date it is actually deducted.
• If TDS is deducted but not deposited, interest is charged at 1.5% per month from the date of deduction until the date of payment.

Late Filing Fees

• Section 234E imposes a fine of ₹200 per day until the TDS return is filed. The total fine cannot exceed the TDS amount.

Penalty under Section 271H

• Besides late filing fees, the Assessing Officer may also impose a penalty.
• The penalty ranges from a minimum of ₹10,000 to a maximum of ₹1,00,000.
• No penalty under Section 271H is charged if all of the following conditions are met:
• TDS is paid to the government.
• Late submission charges and interest (if any) are also deposited.
• The return is filed within one year from the due date.

Make sure to file and pay your TDS on time and 26Q TDS. This helps you avoid daily penalties and a possible ₹1,00,000 fine under Section 271H.

How to File Form 24Q?

If you are an employer, follow these steps to file the 24Q TDS format form.

Here are the simple steps of the form file of 24Q:

Step 1: Gather What You Need to File Form 24Q

• Employee's PAN
• Challan amount
• Challan date
• Challan number
• Income details

Step 2: Download the TDS Utility Tool

• Go to the Protean website.
• Click on 'Services' and then select 'E-TDS/E-TCS'.
• Choose 'e-TDS/e-TCS RPU' to download the TDS utility.

Step 3: Download RPU Utility

• From the list, download the e-TDS/e-TCS Return Preparation Utility (RPU).
• The RPU helps you prepare e-TDS returns, including both regular and correction statements.

Step 4: Open the RPU Tool

• Install the RPU tool on your computer.
• Use the tool to prepare your Form 24Q statement.

Step 5: Choose the Correct Form

• Choose either Annexure I or Annexure II, depending on your needs.
• Enter the required details.

Step 6: Save Your Details and Create the File

• Save the information you entered in the RPU.
• Create the TDS return file for Form 24Q.
• Pick a folder on your computer to save the generated TDS statement file.

Step 7: Review and Verify

• Check all the details in your statement before submitting.
• Make sure the information is accurate and follows the required format.
• Submit your TDS return by the due date for each quarter.

Use the RPU tool to prepare, check, and submit your Form 24Q on time each quarter. This helps you stay compliant without any issues.

Conclusion

Form 24Q is a key quarterly form that employers use to report salary TDS. If employers meet deadlines, use the right section codes, and file with the RPU tool, they can file accurately and avoid penalties.

FAQs

What does TDS do, and how does Tax Refund work? How do I do this?  

TDS, or Tax Deducted at Source, is a way of collecting income tax as soon as you earn income, instead of waiting until the end of the year. You get a tax refund if the tax you have already paid, through TDS or advance tax, is more than what you actually owe for the year.

Do we need to file an Annexure related to the salary description of this employee?  

Yes, employers must file Annexure II with the fourth-quarter Form 24Q. This form gives a detailed breakdown of each employee's salary for the whole financial year.

What are Form Nos. 24Q, 26Q, 27Q and 27EQ?  

Forms 24Q, 26Q, 27Q, and 27EQ are quarterly statements for reporting Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) to the Indian Income Tax Department. Each form is used for a different type of payment and recipient.

TDS is deducted from a partner’s salary. Can I file 24Q? 

No, you cannot use Form 24Q for TDS on a partner's salary. Under the Income Tax Act, 1961, payments to a partner are not treated as salary, so they are not covered by Section 192 (TDS on Salaries).

Who needs to file Form 24Q?

Every employer who deducts TDS from salary payments needs to file Form 24Q.