When the salary is paid to the employee, there is a TDS which is deducted by the employer. The employer who deducts the TDS is in the form of FORM 24Q which has to be filed every quarter.
The Form 24Q is divided into 2 annexures:
Annexure I: This annexure has to be submitted on all 4 quarters of a financial year and is mandatory.
Annexure-II: This annexure is also mandatory but it has to be only submitted on the 4th quarter of the financial year and not in the first 3 quarters.
Documents required
The TDS Return filings’ form can be submitted offline as well as online. This TDS Return Filing has to be submitted along with the important and required documents. For the submission of the Annexure I, the following details of the challan have to be mentioned:
The BSR Code of the branch
The date on which the challan was deposited
The serial number of the Challan
Net Total Amount in Challan
The TDS amount which has to be distributed amonGST the deductees
The net Interest amount has to be distributed amonGST the deductees
The following details of the deductees also have to be furnished in the Annexure I:
The Employee reference number or reference ID (if available)
PAN details of the employee
Name of the respective employee
TDS Section Code
The Date on which the payment/ credit has to be made
The net amount which has to be paid or credited
The net TDS amount
Education Cess
Guidelines
Though there are both offline and online methods in which the form can be submitted, the following people have to submit the quarterly return online:
If the deductor is a government officer
If the deductor is any Company’s chief or principal officer
If the account of the assessee has been audited for the previous year under 44AB of the Income Tax Act 1961
