Form 24Q

Understand how Form 24Q simplifies TDS filing for employers.
Form 24Q
3 min

Under Section 192 of the Income Tax Act of 1961, employers are required to deduct TDS (Tax Deducted at Source) on their employees’ salaries. This advanced tax can also be claimed later by the employees when filing their income tax returns. Companies are mandated to report the TDS deductions in detail, and these reports have to be prepared quarterly. This exercise is essential for bookkeeping and taxation purposes.

To fulfil this obligation, companies have to fill and file Form 24Q TDS. It is a TDS returns form that outlines details of salaries paid and TDS deductions.

TDS meaning

TDS is an advanced tax in the Indian taxation system. You may have noticed TDS payments in your monthly salary. TDS is a tax that is deducted from your income before it is credited to your account. It applies to various forms of income like salaries, rent, and interest. As it is deducted at the source, the government can count on it for stable revenue. At the same time, it also reduces the chances of tax evasion as it does not depend on self-reporting.

TDS is always deducted by the sender of a payment before crediting the amount to the receiver. The deduction is made on the total payable amount, and the remainder is paid out afterwards.

What is Form 24Q

Form 24Q is a mandatory return filed by companies to report details of TDS deductions that they have made in a particular quarter. Employers can deduct TDS on the payouts of their employees that fall under the following categories:

  • Individuals
  • Firms
  • Hindu Undivided Family (HUF) units

Components of Form 24Q TDS

Form 24Q is divided into two sections—Annexure I and Annexure II.

Annexure I includes information concerning the deductor and deductees. It contains details of all the challans issued and a breakdown of the TDS deductions. All these details are important from an accounting perspective and invaluable when the deductees file their income tax returns using the various available provisions like Form 12BB.

Annexure II covers the salary details of each employee, including compensation and deduction.

What is crucial to note here is that Annexure I must be submitted every quarter by the company. This is a mandatory requirement. On the other hand, Annexure II is only to be submitted in the last quarter of a fiscal year.

When is Form 24Q due?

Form 24Q is submitted every quarter. The return for the first quarter must be submitted by 31st July, the second quarter by 31st October, the third quarter by 31st January, and the last quarter by 31st May.

How to submit Form 24Q

There are two methods to submit Form 24Q. You can submit the form online or offline. In some cases, filing the fourth quarter return online may be necessary. Online returns can be filed through the online software at the Return Preparation Utility (RTU). You can also file the returns through the other available third-party software. If you want to rely on the official portal, you can access the official National Securities Depository Limited (NSDL) website.

Also read: Form DPT- 3

Penalties and fees associated with Form 24Q TDS

Along with TDS deductions and Form 24Q filing, there are several potential fees and penalties that must be understood. Some of the major ones are:

  • If the deductor fails to deduct the TDS, they are liable to pay 1% interest per month on the amount. This applies from the month the TDS should have been deducted to the month it is actually deducted.
  • If the deductor fails to deposit the TDS, they are liable to pay 1.5% interest per month from the deduction date to the payment date.
  • There is also a fee levied for late filing. If a deductor fails to file the TDS returns on time, they are fined at Rs. 200 per day. This accrues until the total fines equal the amount of the TDS returns. This directive is covered under Section 234E of the Income Tax Act.
  • The concerned Administrative Officer can also levy an additional penalty under Section 271H. The exact criteria for the penalty may vary, but it would not be imposed if:
    • The TDS has been deposited with the government
    • The late fee and penalties have also been cleared
    • Even if delayed, the return is filed within a year from the due date


Form 24Q plays a crucial role in the Indian taxation system, particularly for employers and employees. Through this form, you as an employer can report the Tax Deducted at Source (TDS) on your employees' salaries, ensuring compliance with Section 192 of the Income Tax Act. Understanding the components of Form 24Q, including Annexure I and Annexure II, is essential for accurate reporting and timely submission. Failure to adhere to the deadlines and requirements outlined for Form 24Q TDS can result in significant penalties and fees, emphasising the importance of proper compliance. Therefore, employers must sincerely fulfil their obligations to deduct and report TDS, while employees can benefit from the transparency and accountability facilitated by this process when filing their income tax returns.

Calculate your expected investment returns with the help of our investment calculators

Investment Calculator

Systematic Investment Plan Calculator

Fixed Deposit calculator

SDP calculator

Gratuity Calculator

EPF Calculator

Brokerage Calculator

Lumpsum Calculator

Step Up SIP Calculator

Sukanya Samriddhi Yojana Calculator

Public Provident Fund Calculator

RD Calculator

MF calculator

Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more


As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.