Form 24Q

When an employee's wage is paid, the employer deducts TDS under Section 192. The employer is required to file the pay TDS return on Form 24Q. Quarterly submissions of 24Q are required. Employee salary information, including the amount of TDS withheld, must be reported in 24Q. Using the ClearTax program, often known as ClearTDS, you can quickly file your TDS returns.

Annexures I and II make up the two annexures that make up the form 24q download.

For the first three quarters of an FY, Annexure II does not need to be submitted, but Annexure I must be submitted for each of the four quarters. Only the final quarter, from January to March, is required for Annexure II submission and 24Q tds return.

Let us learn the form Form 24q meaning in more detail.

What is Form 24Q?

For a detailed statement of a citizen's TDS returns, this form must be completed. The form's data is simply derived from the pay statements and and tax deductionsof every citizen. Information about the deductor, the deductees, the challans, and the salary TDS must be sent. Along with this form, Annexures I and II must be presented. It is necessary to complete Annexure I for each of the four quarters of the year. Only for the last quarter of the year must Annexure II be filed.

Form 24Q Format

The following are the primary guidelines to remember when filling out the 24Q filing Format:

• For online upload, the file must be created in ASCII format and have the 'txt' filename extension.
• Every record, including the last record, needs to start and end with new line characters. Included among the Hex Values are '0D' and '0A'.
• It is necessary to mention constant values like 'Record Type' and 'Upload Type' solely in block letters. When it comes to 'Record Type,' 'File Header' will be shown as 'FH' rather than 'fh.'
• All amount fields must include decimal values up to two digits of precision. Take 900.70 or 9878.00, for instance. It should be noted that values should contain a decimal point followed by two zeros in specific amount fields where fractional portions are prohibited. For example, values - 2345 and - 2345.00 will be accepted.
• When inputting the tax deduction rate (DD), the decimal ought to have a precision value of 4. For instance, the rate must be shown as 7.0000 if it is 7.
• Any reference to M denotes that the field must be filled out, whilst any mention of O denotes that it is optional.
• 'ddmmyyyy' should be the format used for all dates. There shouldn't be any dates that are from the future.
• In order to fill in the notes section of nil challans or transfer vouchers, deductee records with a flag of 'A' or 'B' must be present in case of a lower or non-deduction.
• This form must also be provided with Annexures I and II. It is necessary to complete Annexure I for each of the four quarters of the year.
• Only for the last quarter of the year must Annexure II be filed.