Introduction

TDS Form 24Q is the filled by the tax deductor for TDS deduction on the salary under the section 192 and it is submitted on the quarterly basis by the deductor. It has the details of salary paid to the employee and the TDS deducted from it. We can say TDS form 24Q is the Quarterly statement of the payment made to the employee and TDS deducted from it by the deductor. There are different types of incomes that are subject to deduction of tax at source.

The Types of income are Salaries:
Interest on Securities. Payments on Transfer of Certain Immovable Property Other Than Agricultural Land.
Dividends. Payments Of Fees For Services Rendered That Are Professional Or Technical Services.
Interest Other Than the Interest on Securities. Payment of Reimbursement on Acquisition of Certain Immovable Property.
Winning From Lottery or Crossword Puzzles. Interest Payable to Non- Resident and Foreign Companies by an Infrastructure Debt Fund.
Winning From Horse Races. Payment of Interest to a Non-Residents and Non-Indians Companies.
Payments to Resident Contractors. Payments to an Off-shore Fund.
Payment of Insurance Commission. Payment of Interest or Dividends on Foreign Currency Bonds or Shares of Indian Company.
Payments of Non-Resident Sportsman or Sports Association. Payments of Interest or Dividends to Foreign Currency Bonds or Shares of Indian Company.
Payment of NSS. Payments of Interest or Dividends to Foreign Institutional Investors.
Payment On Account Of Repurchase of Units by Mutual Fund or Unit Trust of India. Payments In Respect Of Rent.

Form 24Q has two annexures–Annexure & Annexure II

Annexure I contains details about the deductor, challans, and deductees. There are no salary details in Annexure I. Annexure II contains the salary details. Annexure I has to be filed and submitted for all four quarters of a financial year. Annexure II is not required to be submitted in the first three-quarters it is only submitted for the fourth quarter of every financial year with the salary details of all employees for the entire financial year.

Threshold Limit

If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. If net taxable income is less than maximum amount which is not chargeable to tax

  • Rs. 2,50,000 for an individual
  • Rs. 3,00,000 for Senior Citizens
  • Rs. 5,00,000 for Super Senior Citizens

Deductors

For certain people, it is compulsory to submit the quarterly return online. If the deductor is:

  • A Government Officer
  • A company’s principal officer
  • The assessee who is required to have its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.
  • If statement for any quarter of a particular financial year has 20 or more records of deductees. In for all four quarters of the year, Annexure-I has to be filled whereas for the final quarter annexure II needs to be filed.

Penalties

  • Late filing fee
  • Interest (if you do not deposit the TDS amount in time)
  • Penalty (if TDS is not filed within one year of the due date)

In case you are confused about TDS Return Filing as a deductor, feel free to consult the experts at LegalRaasta. You can get comprehensive assistance with our TDS Return Filing Software which supports TDS on Salary payments (Form 24Q), Rent, Interest, Commission and other Non-salary transactions (Form 26Q), NRI (Form 27Q)and TCS (Form 27EQ).