24Q: A Complete Guide on TDS on Salary Payment
24Q is filed to report tax deducted at the source by the employer. The employer deducts TDS under section 192 at the time of making salary payments. Therefore, Form 24Q is to be submitted every quarter by the employer to report TDS. Salary paid to the employee and the tax deducted by the employer are to be contained in this form. This article contains all details on form 24Q TDS on salary payment.
Employers can deduct the TDS, and an employer could be an individual, HUF, Firm, or Company. If an employer did not deduct TDS before the due date, interest at the rate of 1% is applicable. If the payment is not deposited to the authorities, the interest is applicable on the due payment at the rate of 1.5%. Form 24Q is divided into three annexes containing diverse information.
Form 24Q Classification
The form is classified into three annexures, and each demands a separate set of information. The first annexure of the 24Q contains the following details of both the challan and the employee
Deductee’s details
- PAN & Name of employee
- Date of payment
- Amount paid
- TDS amount
- TDS section code
- Education Cess
Challan details
- BSR code of the branch
- Date of deposition of the challan
- Challan serial number
- Total amount in the challan
- The TDS amount to be allocated among deductees
- The interest amount to be allocated among deductees
Annexure II has a salary breakdown and the deductions that the employee has claimed. It also contains the employee’s income from other sources, house property, and his overall tax liability.
Annexure III of 24Q is a break of pension and interest paid or credited along with the employee’s income from other sources, house property, and overall tax liability.
Due Dates to File 24Q
| Quarter in a Financial Year | Due Date |
| 1st April to 30th June | 31st of July |
| 1st July to 30th September | 31st of October |
| 1st October to 30th December | 31st of January |
| 1st January to 30th March | 31st of May |
Late Fees & Interest on 24Q
If TDS payment is not filed by the due date, it attracts a late fee which is Rs 200 for each delayed day. The maximum late fees could be equivalent to the total TDS amount.
Under section 271H, an Assessing officer can charge a penalty of a minimum of Rs 10,000 and a maximum of Rs 1,00,000 on the late filing of TDS.
At the rate of 1% interest is payable if the TDS is not deducted and if the TDS is not deposited, the rate of interest will be 1.5%.
How to File 24Q Online
Step 1
- Visit the NSDL portal and log in with valid credentials
- From the drop-down menu, select the form 24Q download and unzip it, and prepare it online
- Annexure II is available in the fourth quarter only
Step 2
- Fill up the required information such as PAN, TAN, and employer details, and attach all the important data in Annexure I. The data should be updated and valid to the point
- Receipt numbers from the prior return are also required
- Once all the details are provided, validate the file on the system and create the 27A and FVU files
- Send 27A and FVU files to the TIN facilitator center
Difference Between 24Q and 26Q
- Both 24Q and 26Q are the TDS return forms used for deducting tax at source
- 26Q reports various types of TDS payment except salaries, while 24Q reports salary TDS
- 24Q is filed by an employee of a company
Employers use 24Q to prepare e-TDS statements every quarter. It is time-consuming and complex; therefore, reach out to TaxDunia’s highly experienced team. We communicate with the government on behalf of the client and do all the paperwork as well.
