TDS Return on Salary Payment (Form 24Q)
Every person or entity who has deducted TDS while disbursing salary to its employees must file your quarterly TDS returns. A delay in filing the returns attracts interest and penalty levied by the Tax Department. TAXAJ provides you with a prompt mechanism to comply with all the TDS compliance on salary payment.
It usually takes 3 to 5 working days.
- Registration on TRACES
- Form 24Q Up to 100 employees (1 no.)
- Fulfillment using ClearTDS Returns Software
- Bulk PAN Verification
- Challan Verification
- Online FVU Generation and Submission
- Generation of Form 16
- Any individual who is required to make a payment of salary and has to deduct TDS
- Any organisation such as corporate, partnership firm etc required to make salary payment after deduction of TDS
- Any branch of principal business office
- Purchase of plan
- FIll in the details in the template provided
- Upload documents on vault
- Return form prepared by Tax Expert
- Generation of Form 16
- Details of deductor
- Details of responsible person
- Details of deductee
- Challan details
- Deduction details
Q. What is TDS in salary?
TDS or Tax Deducted at Source is a tax levied by the Indian government wherein taxes are collected based on 'pay as you get'. The taxes are deducted at payments source, such as salary & commission.
The employer deducts the Tax before making the payment to the employee and is deposited with the govt. The employer later issues form 16 to its employees, which serves as proof of tax payment in the employee's hands.
Q. When is online return mandatory?
For certain people, it is compulsory to be submit the quarterly return online. If the deductor is :
👉 A Government office
👉 A company’s principal officer
👉 Assessee who is required to have its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.
👉 If there are 20 or more records of deductees in a statement for any quarter of a particular financial year. Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year. Annexure II needs to be filed only for the final quarter of the year. TAXAJ Experts will guide you on the same.
Q. Is there any minimum amount upto which tax is not deducted on salary payment?
If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. If net taxable income is less than maximum amount which is not chargeable to tax
👉 Rs. 2,50,000 for an individual
👉 Rs. 3,00,000 for Senior Citizens
👉 Rs. 5,00,000 for Super Senior Citizens
Q. Is their any interest and penalty for non or late filing of Form 24Q?
In case you have not deposited TDS by the due date, the following penalties are applicable:
👉 Late filing fee (if you do not file by the deadline)
👉 Interest (if you do not deposit the TDS amount in time)
👉 Penalty (if TDS is not filed within one year of the due date)
Q. I need to file my TDS returns for more than 100 employees. Can you advise?
Our plan caters to filing TDS returns for up to 100 employees. If your firm has more than 100 employees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at firstname.lastname@example.org