Table Of Content

24Q is made up of two annexures: Annexure I and Annexure II:-

Steps to Submit Form 24Q

Things to keep in mind when working on the 24Q Form

Role of Indian HR Software in 24Q Form Filing

An employer deducts TDS (tax deducted at source) from an employee’s salary under Section 192. The employer files the salary TDS return in Form 24Q and submits it quarterly. TDS is deducted based on each employee’s income tax bracket. The employer must take into account all of the employee’s deductions and investments. If an employer does not deduct TDS or deducts it at a lower rate, they must explain why. Form 24 can be completed online using the NSDL e-TDS Return Preparation Utility, in-house software, or Indian payroll software.

24Q is made up of two annexures: Annexure I and Annexure II:- 

While Annexure I must be submitted for all four quarters of a fiscal year; Annexure II is optional for the first three quarters. Annexure II must be submitted only in the fourth quarter (January-March). TDS on salary must be deducted in accordance with the income tax slab. The employer must consider all of the employee’s deductions and investments (if proofs of such investments are submitted).

Steps to Submit Form 24Q

Form 24Q can be submitted online or offline with the necessary documents. However, certain individuals are required to file their quarterly returns online. n Deductors like-

If the deductor is a government agency.

 The chief executive officer of a company.

If your accounts were audited in the previous year under Section 44AB of the Income Tax Act.

If the number of employee records in a report exceeds 20 at any time during the fiscal year The Return Preparation Utility allows you to file your returns online (RPU). You can file your E-TDS return using a variety of third-party applications. You can also use the TDS-RPU created by the Indian government. It is available on the official NSDL website.

Things to keep in mind when working on the 24Q Form

It is critical to verify the challans and all PAN numbers and attempt to match the challan with OLTAS or NSDL. Remember to submit Signed Form-27A along with your TDS return.

Role of Indian HR Software in 24Q Form Filing

Keeping statutory legislation in mind and following all rules when filing a TDS return is a time-consuming but necessary task. Automated payroll software speeds up the process and reduces data entry errors. Many businesses use online payroll software to manage end-to-end payroll operations while meeting statutory requirements. We are pleased to introduce you to Peopleworks Payroll Software, a simple SaaS-based solution that integrates all aspects of payroll processing while remaining compliant with the most recent payroll legislation.

Using HR Payroll Software, among all HR apps and frameworks, will explicitly cater to your expectations and increase your company’s productivity to a high level. Automating the entire payroll process set is the first step toward streamlining your HR operations and ensuring better statutory compliance.

PeopleWorks Payroll Management Software is designed to assist you in keeping track of all employee payments and tax filings. Keeping track of hours, calculating wages, tracking attendance, withholding taxes and deductions, printing and delivering checks, completing direct deposits, paying insurance premiums, and paying employment taxes to the government are all part of the job.

PeopleWorks HRMS Payroll Software is simple to use, cost-effective and can reduce the time spent in the payroll process calculating employee hours, wages, and tax withholdings, particularly for small and medium-sized businesses in India.

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