Form 24Q - What is the Meaning of Form 24Q and Its Importance | HRMantra HR Software

Form 24Q - What is the Meaning of Form 24Q and Its Importance | HRMantra HR Software

5-6 minutes

Form 24Q is the statement 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 quarters of every financial year.

Table of Content

• What is Form 24Q
• What is TDS Form 24Q
• Form 24Q Income Tax Format
• How to Download Form 24Q?
• How to Get Form 24Q
• What is the Penalty for Form 24Q

What is Form 24Q

Form 24Q is used by people for their tax declaration of TDS based on their salary and deductions made from it.

TDS is a form of income tax collection in India. According to the Indian Income Tax Act of 1961, a certain percentage of your income needs to be deducted at source.

The working of this entire process is governed by the Central Board for Direct Taxes, which comes under the Department of Revenue led by the Indian Revenue Service.

Hence, you will have to state your TDS with the aid of Form 24Q and submit it to the Department of Income Tax.

Form 24Q Income Tax Format

Let us discuss every point that you are supposed to remember and know about Form 24Q and how you can fill it:

• Save the file in ASCII Format with a ""txt"" extension for online upload.
• Each record, even the last record, must 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''; for example, ''FH'' for ''File Header''.
• For amount fields, include decimal values with 2 digits; for example, 900.70 or 9878.00. If no fractional portion is allowed, then two zeros must be used, like 2345.00.
• The DD has to be given with a precision value of 4, that is, the value 7 has to be mentioned as 7.0000.
• ''M'' stands for mandatory, and ''O'' stands for optional.
• All dates have to be in ''ddmmyyyy'' format, and no future date should be mentioned.
• In case of nil challans or transfer vouchers, flags may be given in remarks as ''A'' or ''B'' for lower or non-deduction.
• Annexure I for each of the four quarters and Annexure II only for the last quarter of the year.

How to Download Form 24Q?

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.

The first method is to simply find the term ""Form 24Q Download"" on Google, and it''ll show you the PDF of it provided by our Income Tax Department.

The second way is to download it from Protean Tinpan''s website. If you couldn''t find the form on Google directly or doubt its authenticity, use this method for the download.

Follow the steps below to download your Form 24Q:

1. Go to Protean Tinpan''s official website.
2. Click on the ""Downloads"" section.
3. Hover your mouse over e-TDS/e-TCS. The menu will automatically expand.
4. Slide to the Quarterly Returns category.
5. Click on Regular.
6. 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.

How to Get Form 24Q

You can get it directly from Google by searching for the term ""Form 27Q download,"" or visit sites like Protean to download it from the method described above.

It is worth mentioning that you can download this form and submit it online or offline. However, under certain conditions or for certain individuals, it becomes compulsory for you to file Form 24Q online. These conditions 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 of the Income Tax Act, 1961.
• If you are filing one statement that contains the records of more than 20 tax deductors for a quarter of a financial year.

What Is the Penalty for Late Filing of TDS Return 24Q?

If you file your TDS return after the due date, a fine of INR 200 will be charged for every day of delay until you submit the return. Nevertheless, it cannot exceed the amount of your TDS liability.

The department may also impose a penalty under Section 271H. The penalty amount shall vary from INR 10,000 to INR 1,00,000.

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