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TDS ON SALARY

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Avoid Extra Tax Burdens With Taxwaale!

Form 24Q is a quarterly statement that employers must file to report Tax Deducted at Source (TDS) on salary payments. As per Section 192 of the Income Tax Act, employers deduct TDS from employees’ salaries and deposit it with the government. Form 24Q consists of three annexures:

Annexure I- Contains details of deductors, deductees, PAN information, challans, and tax deductions. It is submitted for all four quarters of the financial year.

Annexure II- Includes a detailed salary breakup, deductions under various sections, and tax calculation. It is submitted only in the fourth quarter.

Annexure III- Provides data on employees’ tax liability and deductions under different sections, ensuring correct tax computation. It is also submitted in the fourth quarter.

Filing Form 24Q correctly is essential to avoid penalties and ensure compliance with tax regulations.

Penalties attached with 24Q

Failing to file Form 24Q on time or providing incorrect details can result in penalties:

Late Filing Fee- A penalty of ₹200 per day applies until the return is filed, subject to the total TDS amount.

Interest on Late Deposit- If TDS is not deposited on time, an interest of 1.5% per month is charged from the due date until the payment date.

Penalty for Incorrect Filing- If incorrect details like PAN, challan numbers, or salary information are provided, a penalty ranging from ₹10,000 to ₹1,00,000 may be imposed.

How can Taxwaale Help File a TDS Return on Salary?

We at Taxwaale make TDS return filing hassle-free. Our experts handle everything, from data verification to timely filing, ensuring error-free compliance. We also assist in rectifying past mistakes, helping businesses avoid penalties. Let us handle your tax compliance while you focus on your business. Contact us today and file your TDS return with ease!

Get in Touch with Taxwaale

Whether you’re an individual looking for tax-saving strategies or a business seeking comprehensive financial solutions, Taxwaale is here to help.

Take the first step towards hassle-free financial management and compliance. Contact us today to experience the difference that expert guidance makes.

GLOBAL TAXWAALE CONSULTANTS LLP, NOIDA

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