E-Filing 24Q and
Filing Challan 281
E-FILING TDS RETURN 24Q AND FILING CHALLAN 281
Who can deduct TDS on salaries?
Each employer must deduct TDS from Salaries, if they exceed the basic exemption limit. The employer can be an individual, HUF, company or company. The employer must file a TDS return on the salaries tax deduction under Form 24Q quarterly.TDS Section Code:
- Section 192B – Remuneration granted to non-governmental employees.
- Section 192C – Remuneration is awarded to Union government employees.
Requirements for filing Form 24Q
For TDS deduction and Form 24Q filing, one must have TAN i.e. (Tax Deduction Account Number) and another requirement for filing Form 24Q is as follows:
Details of Challan
- Challan number
- Challan’s date
- Amount of Challan
Details about employees
- Employee PAN
- Other income details
Classification of Form 24Q
Form 24Q is classified in Annex I and Annex II.
Schedule-I must be submitted for all quarters of the financial year, while Schedule II must be submitted only for the last quarter that is, from January to March.
Form 24Q-Annexure 1: Contents:
- Challan Details:
- The serial number of the challan.
- BSR (Basis Statistical Returns) code of the branch.,
- The date of deposit.
- Sum of TDS and interest to be allocated between the Deductees.
- Details of the Deductee:
- Employee reference number
- Name of Employee
- PAN of Employee
- Date of Payment
- Amount Paid
- TDS Amount
- TDS Section Code
- Education Cess
Due Dates of 24Q
Quarter | Due Date |
April to June | 31st July |
July to September | 31st Oct |
October to December | 31st Jan |
January to March | 31st May |
Fees/ Interest/ Penalties attached with 24Q
Interest:
If TDS is not deducted: 1% per month, from the due date of the deduction to the actual date of the deduction,
If TDS is not deposited: 1.5% per month, from the actual deduction date to the actual payment date
Penalty for late submission
Under section 234E, a penalty of Rs. 200 / day will be charged until return is filed. Also, the aforementioned amount must be paid until the total amount equals the TDS amount.
TDS CHALLAN 281-
There was a time when the Income Tax Department used to collect Income Tax manually, but this process came to an end due to certain errors that appeared from time to time. OLTAS or Online Tax Accounting System emerged to overcome the errors that occurred during the manual process and streamline the entire process.
OLTAS is responsible for the collection, accounting and notification of receipts and payments of Direct Taxes. Previously, three copies of Challans were issued, but after OLTAS went into effect, a single copy of Challan is issued with a tear-off strip for the contributor.
Two types of Challans that are used by Income Tax Department: –
Challan 280
The Challan 280 is used for the payment of Income Tax, this payment can be in the form of Self-Assessment Tax, Advance Tax, Regular Appraisal Tax, Tax on Distributed profit or income. A taxpayer can pay taxes by check, DD, etc. The Challan 280 must be used, regardless of the mode of payment.
Challan 281
Challan 281 is used for depositing Tax Deducted at Source (TDS) or Tax Collect at Source (TCS).
Compliance for Challan No 281
Challan 281 is issued when a taxpayer deposits tax collected at source (TCS) or tax deducted at source (TDS). Therefore, they would have to meet the mentioned deadlines to deduct and deposit taxes.
The last date to deposit the TDS payment is generally:
TDS on payments (other than the purchase of the property): 7 of the following month
TDS on the purchase of the property: 30 of the following month
TDS deducted in March: April 30.
In the event that the tax deposit is late, interest of 1.5% per month will be charged from the date of deduction.