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All-in-one HR platform · v2.0
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All-in-one HR platform · v2.0
14-day free trial · No credit cardhello@HrMagix.com
The quarterly return through which an employer reports tax deducted at source on salary under Section 192. It reconciles to the deductions the payroll runs actually made in the quarter.
Form 24Q is the quarterly return of salary TDS, filed after each quarter closes, with the challans already deposited mapped to each employee by PAN. The payroll team's monthly discipline of depositing TDS on time and recording challan details makes the quarterly filing quick; skipping that discipline makes it painful.
The fourth quarter return is the heavy one because it carries the annexure with each employee's full year salary, exemptions and deductions. That annexure is what later feeds Form 16, so errors there flow straight into employees' tax returns.
Typical errors are an invalid or unverified PAN, which pushes the employee into a higher deduction rate and a default notice, and a challan booked against the wrong quarter. Validate PANs at onboarding and check the justification report after each filing. HRMagix publishes quarterly Form 24Q generation as part of its TDS outputs.
The quarterly return through which an employer reports tax deducted at source on salary.
Quarterly.
Section 192 of the Income Tax Act, which covers TDS on salary.
The deductions the payroll runs actually made in the quarter.
Form 24Q is the employer's quarterly return; Form 16 is the annual certificate to the employee.
It is the return for tax deducted on salary under Section 192.
It reports the TDS that each payroll run deducted, so the two must agree.
Across the financial year, against the employee's regime election and verified declarations.
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