TDS Return on Salary Payment (Form 24Q)
✅ Services Covered:
- 🔗 Registration on TRACES: Complete the registration process.
- 📝 Form 24Q: Filing for up to 100 employees (1 no.).
- 💻 ProKhata TDS Returns Software: Utilize our software for fulfillment.
- ✅ Bulk PAN Verification: Verify PAN details in bulk.
- ✅ Challan Verification: Ensure the accuracy of challans.
- 💻 Online FVU Generation and Submission: Handle file validation utility.
- 📄 Generation of Form 16: Generate the required certificate.
🎯 Who Should Buy:
- 👨💼 Any individual required to make a salary payment and deduct TDS.
- 🏢 Organizations such as corporate, partnership firms, etc. required to make salary payments after deduction of TDS.
- 🏢 Branches of principal business offices.
📝 How it’s Done:
- 💳 Purchase the Plan: Choose our comprehensive package.
- 📄 Fill in Details: Complete the details in the provided template.
- 📤 Upload Documents: Upload required documents on vault.
- 🧾 Return Form Preparation: Return form prepared by Tax Expert.
- 📄 Generation of Form 16: Generate Form 16.
📄 Documents to be Submitted:
- ✅ Details of deductor
- ✅ Details of responsible person
- ✅ Details of deductee
- ✅ Challan details
- ✅ Deduction details
❓ FAQs:
❓ What is TDS in salary?
TDS, or Tax Deducted at Source, is a type of tax levied by the Indian government wherein taxes are collected on the basis of ‘pay as you get’. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker. The tax is deducted by the employer before making the payment to the employee and is deposited with the government. The employer later issues Form 16 to its employees, which serves as proof of tax payment in the hands of the employee.
❓ Is there any minimum amount up to which tax is not deducted on salary payment?
If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. If net taxable income is less than the maximum amount which is not chargeable to tax:
- Rs. 2,50,000 for an individual
- Rs. 3,00,000 for Senior Citizens
- Rs. 5,00,000 for Super Senior Citizens
❓ When is online return mandatory?
For certain people, it is compulsory to submit the quarterly return online. If the deductor is:
- A Government office
- A company’s principal officer
- An assessee who is required to have its accounts audited for the previous year under 44AB of the Income Tax Act, 1961
- If there are 20 or more records of deductees in a statement for any quarter of a particular financial year
Annexure I and Annexure II are also forms that require submission along with this form. Annexure I has to be filled in for all four quarters of the year. Annexure II needs to be filed only for the final quarter of the year. ProKhata Experts will guide you on the same.
❓ Is there any interest and penalty for non or late filing of Form 24Q?
In case you have not deposited TDS by the due date, the following penalties are applicable:
- Late filing fee (if you do not file by the deadline)
- Interest (if you do not deposit the TDS amount in time)
- Penalty (if TDS is not filed within one year of the due date)
For more details, you can visit ProKhata
❓ Is revised return covered under the plan?
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
❓ I need to file my TDS returns for more than 100 employees. Can you advise?
Our plan caters to filing TDS returns for up to 100 employees. If your firm has more than 100 employees, our representatives will advise you on the fees. Please submit your enquiry here or write to us at [email protected].
