TDS
Filing of 24Q
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Filing of 24Q
According to Section 192 of the Income Tax Act 1961, an employer deducts TDS while paying salary to an employee. An employer has to file salary TDS return in Form 24Q, which has to be submitted on a quarterly basis. Details of the salary paid to the employees and the TDS deducted from the payment has to be specified in Form 24Q. In other words, Form 24Q is the quarterly statement of the payment made to the employee and the TDS deducted from it by the deductor. In this article, we look at TDS Form 24Q in detail.
A TDS Refund arises when the taxes paid by way of TDS are greater than the actual tax payable calculated for the Financial Year. It is calculated after consolidating income earned from various sources.
We all, as taxpayers, are categorized under various tax slabs. Say, you have an FD and earn an interest income out of it. Banks levy a basic 10% TDS on the interest accumulated. Now, if you belong to the 5% tax bracket, you can claim a TDS refund for the additional amount deducted.
Similarly, you can also claim a TDS refund of excess TDS deducted on salary due to non-submission of 80C investment proofs or rent receipts towards house rent allowance to the employer.
At the time of filing ITR, you would sum up all your income from various sources, find out the tax liability, and subtract the TDS applied to your income. If the TDS is higher than your total tax liability for the financial year, it means a refund is due from the government.
When the tax deducted does not match your actual tax payable, you can calculate your taxable income and taxes, file an income tax return (ITR) and claim a refund.
During the ITR filing process, you will be prompted to provide your bank name and IFSC code. This makes it easier for the IT department to refund you the excess tax paid.
Registration Pricing
Advanced
₹ 1,250/-
- PAN Verification
- Uploading of FVU File
- Generation of Acknowledgement
Professional
₹ 2,000/-
- Preparation of FVU File
- Preparation of Form 27A
- PAN Verification
- Matching of TDS Challans
- Error Rectification
- Uploading of FVU File
- Generation of Acknowledgement
Professional Plus
₹ 5,000/-
- Preparation of FVU File
- Preparation of Form 27A
- PAN Verification
- Matching of TDS Challans
- TDS Verification
- Preparation of Annual Data of Employees for Annexure III
- Error Rectification
- Uploading of FVU File
- Generation of Acknowledgement
- The above charges are excluding Upload Charges to be Paid to NSDL on actuals
- The above charges are for number of Line Items upto 75 or PAN Numbers upto 25 In each Qtr.
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