This form is used by employers for reporting salary payments, exemptions, deductions, and TDS remitted every quarter under Section 192. It is the foundation for issuing Form 16 certificates and proper reporting of TDS to the Income Tax Department.
Who Must File Form 24Q
Form 24Q is to be filed by:
Employers who pay salaries over the exemption limits:
- Rs. 2.5 lakh (old tax regime) or Rs. 3 lakhs (new tax regime)
- Companies, firms, government offices, and other salary-paying entities
- Entities making pension payments to senior citizens under Section 194P
Filing Authority: Income Tax Department through TIN-FC, NSDL e-Gov, or TRACES portal
Form Structure and Basic Components
Annexure I – Basic TDS Details
Filed for:
Contains:
- PAN and employee’s name
- Total salary paid and TDS deducted
- Payment details
- Challan details (BSR code, deposit date, serial number, amounts)
- TDS and interest amounts
Annexure II – Detailed Salary Breakdown
Filed for:
- Fourth Quarter (Q4) only.
Contains:
- Full salary breakup
- Section 10 exemptions claimed
- Chapter VI-A deductions
- Tax computation (old regime claims)
- New tax regime opt-in support
Annexure III – Additional Benefits
Filed for:
Contains:
- Employee prerequisite details
- Provide Fund (PF) accretion
- Other fringe benefits and valuations
Filing Schedules and Deadlines
| Quarter | Period | Filing Deadline |
|---|
| Q1 | April - June | July 31st |
| Q2 | July - September | October 31st |
| Q3 | October - December | January 31st |
| Q4 | January - March | May 31st |
Step-by-Step Filing Process
Preparation:
- Collect employee Form 12BB and supporting documents.
- Ready salary, exemption, and deduction details.
Processing of Data:
- Ready data using NSDL RPU software.
- Validate data and prepare FVU file.
Submission:
- Upload FVU and CSI filed on TIN portal.
- Receive provisional receipt.
Post Filing:
- Download processed Form 16 from TRACES.
- Issue Form 16 to employees on or before May 31.
Recent Updates and Amendments
Current Status (2025):
- No material structural changes post-2018 updates.
- Stable form with enhanced digital processing.
Key Recent Changes:
- 2024: Amended 80CCD (2) contribution ceilings (14% for non-government employees).
- 2023: Mandatory Aadhaar linkage for deductees.
- 2022: Implementation of TRACES 2.0 for improved corrections.
- 2020: Mandatory e-filing through TIN-NSDL.
Penalties and Compliance
Late Filing (Section 234E)
- Rs. 200 per day up to total TDS amount
Incorrect Filing (Section 271H)
- Penalty: Rs. 10,000 to Rs. 1,00,000
Non-Filing Consequences
- TDS default interest: 1-1.5% per month (Section 201)
- Potential prosecution proceedings
Key Benefits and Purpose
Form 24Q offers:
- Accurate quarterly TDS reporting on salaries.
- Tax compliance.
- Automatic generation of Form 16 for employees.
- Prevention of TDS mismatches with Form 26AS.
- Both old and new tax regime computation support.
- Efficient audit and verification processes.
This form is essential for guaranteeing tax compliance on salaries in a clear manner and for ensuring employers as well as employees accomplish their tax compliance efficiently.
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