TDS Return Filing – Form 24Q

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What is Form 24Q?

Form 24Q is a quarterly TDS (Tax Deducted at Source) return form that employers must file to report TDS deducted on employee salaries under Section 192 of the Income Tax Act, 1961.

  • Ensures that salary tax deductions are reported correctly.
  • Helps employees get Form 16 for income tax filing.
  • Keeps employers compliant and avoids penalties.

Mandatory Filing: Even if no TDS is deducted, employers must file a NIL return.

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Process to File Form 24Q

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Group 49
  • Verify employee PAN & salary details.
  • Calculate TDS as per the latest tax slabs.
  • Deposit TDS using Challan ITNS 281 before filing the return.
  • Use TDS Return Preparation Utility (RPU) from NSDL.
  • Validate the file using the File Validation Utility (FVU).
  • Log in to TRACES (TDS Portal) or NSDL website.
  • Upload the validated return file and submit it.
  • Receive Acknowledgment Number for reference.
  • After Q4 filing, download Form 16 from TRACES.
  • Distribute Form 16 to employees before 15th June for their tax filing.

If any errors occur in Form 24Q, a revised return must be filed on TRACES.

Interest & Penalties for Non-Compliance

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Filing Form 24Q on time avoids unnecessary penalties and interest!

Frequently Asked Questions

Is an LDC mandatory for lower TDS deduction?

Yes, without an LDC, your payer must deduct TDS at the standard rate, even if your tax liability is lower.

Can NRIs apply for a Lower Deduction Certificate?

Yes, NRIs and foreign companies can apply for an LDC to get reduced TDS rates under DTAA (Double Taxation Avoidance Agreement).

How long does it take to get an LDC?

It usually takes 2-6 weeks, depending on how fast the Assessing Officer (AO) processes your request.

Can I apply for an LDC every year?

Yes, if your tax liability is lower than the standard TDS rate, you can apply for a new LDC every financial year.

What happens if I don’t apply for an LDC?

If you don’t apply for an LDC, TDS will be deducted at the higher standard rate, leading to:

      • More tax deducted than needed
      • Delayed refunds
      • Cash flow issues