TDS Form 24Q - Complete Guide to Salary TDS Return Filing

Form 24q is the salary TDS return that needs to be filed at the time of payment of salary to the employees in cases where tax is deducted at source u/s 192 in accordance with the 24q income tax rates. The 24q TDS return meaning is the quarterly return that is to be filed by the employer to report the salary paid to the employee and the 24q TDS deducted and deposited in the Income Tax Department.

Form 24q has two annexures: Annexure I and Annexure II. Though Annexure I is mandatory to be submitted for all four quarters of the financial year, Annexure II is not mandatory in the first three quarters; it is to be submitted only in the last quarter (January to March).

The TDS on salary shall be deductible as per the applicable rates of income tax, as deduced after considering the available deductions and investments made by the individual, provided the relevant proofs are submitted.

What is Form 24q?

Form 24q is a legal quarterly TDS return that is to be filled by employers under the Income-tax Act, 1961. This reporting is to be done as an implication of salary paid to employees and TDS deducted under section 192. Form 24q meaning can thus be deduced as a legal form that holds information about salary paid to employees, and necessary deductions, as well as TDS paid in Form 24q to the Income-Tax Department.

Form 24q is mandatory for every deductor, be it the government or a non-government entity, who deducts TDS on salary payments for a certain financial year. The form is filed on a quarterly basis and comprises two parts: Annexure I, which entails information about the Challan and deductee, to be submitted for each quarter, and Annexure II, which entails a detailed salary breakup and computation, to be submitted only in the last quarter of a financial year.

Annexure I of 24Q

Annexure I shows deductee wise break up of TDS against each particular challan.

Details of challan(s) to be mentioned in Annexure I

• BSR code of branch
• Date of deposition of challan
• Challan serial number
• Total Amount in Challan
• TDS amount to be allocated among deductees
• Interest amount to be allocated among deductees

Details of deductee(s) to be mentioned in Annexure I

• Employee reference number (if available)
• PAN of the employee
• Name of the employee
• TDS Section Code
• Date of payment/ credit
• Amount paid or credited
• TDS amount
• Education Cess

Besides, if the employer doesn’t deduct TDS or deducts TDS at a lower rate, he’ll have to provide the reasons for such non-deduction or lower deduction.

TDS Section Code

192A – Salary paid to govt. employees other than union govt. employees

192B – Salary paid to non-government employees

192C – Salary paid to union govt. employees

Annexure II of 24Q

Annexure II consists of a total breakup of the salary, any deductions to be claimed by the employee, his income from other sources, and house property and overall tax liability as calculated.

Due Dates of 24Q

Quarter	Due Date
April – June	31st July
July – September	31st Oct
October – December	31st Jan
January – March	31st May

Fees/ Interest/ Penalties attached with 24Q

Interest:

If TDS not deducted – 1% per month, from due date of deduction to actual date of deduction,

If TDS not deposited – 1.5% per month, from actual date of deduction to actual date of payment

Late Filing Fees – under section 234E, a fine of Rs. 200 per day is to be paid until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount.

The penalty under 271H – In addition to fees to be paid under 234E, AO may charge the penalty of minimum Rs. 10,000 and maximum Rs. 1,00,000.

No penalty will be charged under 271H if –

• TDS is deposited to the government
• Late filing fees and interest (if any) is also deposited
• Return is filed before expiry of 1 year from due date

Points to Ponder

• Verify all the PAN numbers
• Verify the challans, and try to match them through OLTAS or NSDL
• Signed Form-27A is to be filed with the TDS return