“Form 24Q”

Overview of Form 24Q

Form 24Q is an important document used for filing the quarterly payroll taxes to the Government of India. Employers must submit this form along with their tax return each quarter. It contains all the withholding and employer contributions to retirement plan, provident fund, insurance scheme, and other statutory deductions like professional tax, motor vehicle tax, etc. This form is a necessary component for any business entity and must be submitted in a timely manner.

Purpose and Importance of Form 24Q

Form 24Q helps employers to accurately report their payments made to employees as well as the amounts deducted from them by way of taxes. By filing these returns and paying the taxes on time, employers facilitate the government in collecting taxes from the eligible individuals and businesses.

Components of Form 24Q

Form 24Q comprises several important components like TDS or Tax Deducted at Source, employer’s contribution in respect of statutory deductions such as Provident Fund, Insurance Scheme, Professional Tax, etc. In addition, Form 24Q also includes the details of employees employed by the employer during the period.

Importance of Form 24Q for Employees

Employees benefit from the timely submission of Form 24Q as the deduction made from their salaries, when filing taxes is deducted correctly and reported to the government. This ensures that employees do not have to pay any extra taxes or face late fees.

FAQs

What is Form 24Q, and who needs to file it?

Form 24Q is used for filing the quarterly payroll taxes to the Government of India. Employers of individuals or businesses are required to submit this form with their tax return each quarter.

When is the due date for filing Form 24Q?

The due date for filing Form 24Q is the last day of the month immediately following the quarter end. For example, if the quarter ends on 30th June, the due date for filing the form is 30th July.

What are the consequences of incorrect Form 24Q filing?

If an employer files an incorrect or incomplete Form 24Q, they will be subject to fines and/or penalties from the Government of India.

How does Form 24Q affect an employee’s tax return?

The information submitted in Form 24Q will be used to calculate the employee’s tax return. It is important that employers submit Form 24Q accurately and on time, in order to help employees avoid any potential tax penalties.

Also See: Form 10C | fixed component in salary