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TDS Filings 24Q
An employer deducts TDS under Section 192 of the Income Tax Act, 1961, at the time of paying salary to an employee. TDS Form 24Q is to be filled by the employer for TDS deduction and submitted to the Income Tax Department on a quarterly basis. Details of the salary paid and the TDS deducted from it are reported in Form 24Q. All the companies and firms in India are required to make this declaration and payment on quarterly basis.
The form can be submitted online as well as submitted in person along with the necessary documents. However, for certain people, it is mandatory to submit the quarterly return online. That is if the deductor is:
- A Government office
- A company’s principal officer
- Assessee has had its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.
- If the record of deductees in a statement is 20 or more during any quarter of a particular financial year.