Form 24Q ( Salary Payments)
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
This service is for filing of Quarterly TDS Return for Salary Payments
Services covered :
- Registration on TRACES
- PAN Verification
- Preparation of Form 24Q (TDS Return) for one quarter
- Review of Form 24Q by an expert
- Challan Verification
- Form 16 Generation
Documents Required :
- Details of Deductor including TAN and PAN of Deductor
- Challan Details
- Employee Details as Follow:
- 1. PAN of the Employee
- 2. Salary Details
- 3. Other Income and investment Details
- 4. Whether opting for New Regime or Not
What is 24Q TDS return?
Form 24Q is used for preparing e-TDS returns for the TDS deducted on salary under Section 192 of the Income Tax Act, 1961. It has to be submitted on a quarterly basis by the deductor, However payment of TDS has to be done on Monthly basis. It contains details like salaries paid and the TDS deducted of the employees by the employer.
What is the rate of TDS on salary?
TDS on salary will be deducted as per applicable slab rate for an individual.
Who can deduct TDS on salaries?
Any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable.
What is the Due Date for filing of Form 24Q?
Due Date for filing of TDS Returns (i.e. form 24Q, 26Q and 27Q) for quarter April to June is 31st July, for quarter July to September is 31st October, for quarter October to December is 31st January and for quarter January to March is 31st May.
What is the Due Date for payment of TDS?
Due date for Payment of TDS is 7th of the next month following the month in which deduction was made.
For E.g. Due date of TDS Payment for TDS deducted in May will be 7th June
However for the month of March the due date for TDS Payment is 30th April
How much is the interest for late payment of TDS?
If TDS is not deducted and paid interest will be 1% per month from the due date of deduction to Actual date of deduction.
If TDS is deducted but not paid interest will be 1.5% per month from the actual date of deduction to actual date of payment
What if Form 24Q is filed late? Is there any late fee or penalty?
Fees for late filing of Form 24Q is Rs. 200 per day until the return is filed. Maximum late fees shall not exceed the TDS amount.
In addition to late fees payable, Assessing Officer (AO) may charge a penalty of minimum of Rs. 10,000 and up to Rs. 1,00,000 maximum.
Do I have to deduct TDS if form 15G or 15H is given by the employee?
No TDS is required to be deducted if an employee submits form 15G or 15H
Do I need to issue any certificate/Form to the employee for TDS?
Yes, the employer needs to issue Form 16 to the employee
Is revised return covered under this service?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
This Service covers return for how many periods?
This service is for filing of Form 24Q for 1 Quarter.
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