Form 24Q is the declaration of taxes that citizens use for their TDS. It contains information related to their salary and how much tax is being deducted from it.
In India, every company has to declare their taxes and payment in quarter of every financial year.
Form 24Q is used by people for their tax declaration of TDS based on their salary and deductions made from it.
Tax Deducted at Source (TDS) is like a way of collecting income tax in India. As per Indian Income Tax Act of 1961, a certain percentage of your income needs to be deducted at the source.
This whole process is handled by the Central Board for Direct Taxes (CBDT), which is part of the Department of Revenue managed by the Indian Revenue Service (IRS).
So, to declare your TDS, you need to fill out and submit Form 24Q to the Income Tax Department.
Let’s go over each factor you should know and remember about the Form 24Q and how you can fill it:
- Save the file in ASCII Format with a “txt” extension for online upload.
- Each record, including the last one, should start and end on a new line using the Hex Values “0D” & “0A.”
- Use BLOCK letters for constant values like ‘Record Type’ and ‘Upload Type’ (e.g., ‘FH’ for ‘File Header’).
- For amount fields, include decimal values up to 2 digits (e.g., 900.70 or 9878.00). If no fractional portion is allowed, use two zeros (e.g., 2345.00).
- The tax deduction rate (DD) should have a precision value of 4 (e.g., 7 should be indicated as 7.0000).
- ‘M’ means the field is mandatory, and ‘O’ means it’s optional.
- Use the ‘ddmmyyyy’ format for all dates and ensure no future dates are entered.
- For nil challans or transfer vouchers, use flags ‘A’ or ‘B’ in the remarks for lower or non-deduction.
- Submit Annexure I for all four quarters and Annexure II only for the final quarter of the year.
You can download Form 24Q in two ways, or actually three ways; I’ve given a link below, which you can use to download Form 24Q directly from here: Form 24Q.
So, the first way is to search for the term “Form 24Q Download” on Google, and it’ll show you the PDF of it provided by our Income Tax Department.
The second method is to download it from the website Protean Tinpan. In case you can’t find the form from Google directly or doubt its authenticity, you can use this method for the download.
Follow these steps to get your Form 24Q:
- Go to the official site of Protean Tinpan
- Head over to the “Downloads” section
- Navigate your cursor to the e-TDS/e-TCS section. The menu will expand automatically.
- Slide to the Quarterly Returns category
- Click on Regular
- Select Form 24Q from the page shown on your screen.
You can also download other forms from this page like Form 26Q, Form 27Q, Form 27EQ, and Form 27A.
You can either get it directly from Google by searching for the term “Form 27Q download” or head over to sites like protean to download it from the method described above.
It’s important to note that you can get this form and submit it both online and offline. But for certain people or in certain situations, it becomes mandatory for you to submit Form 24Q online. They include:
- Government Offices
- Company’s principal Officer
- If the person whose tax has to be deducted is required to have their accounts audited for the prior year under section 44B and income tax act, 1961.
- If you’re submitting one statement that contains the records of more than 20 tax deductors for a quarter of a financial year.
If you submit your TDS return after the due date, you’ll be fined INR 200 for every day of the delay until you file the return. However, this amount cannot be more than your TDS liability.
Another thing to know is that the department can also charge you with a penalty for it under section 271H. And that penalty amount can vary from 10K to 1lac.