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TDS: Form No 24Q

Parmod Agarwal (Assistant Manager) (394 Points)

11 June 2010

Dear All,

Please Clarify the following:

In Form NO 24Q4 the details of those employees are provided who's Salary Income exceeds Rs. 160000/- without allowing any deduction or details of those employees submitted who's income after allowing deductions is exceeds Rs. 160000/-.

Please urgent reply.

Thanks

Parmod

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4 Replies

SRINIVASA MURTHY (Asst Manager (Finance)) (186 Points)
Replied 11 June 2010

Particulars of only those employees are to be reported from the 1st quarter onwards in Form 24Q in whose case the estimated income for the whole year is above the threshold limit.

In case the estimated income for the whole year of an employee after allowing deduction for various savings like PPF, GPF, NSC etc. comes below the taxable limit, his particulars need not be included in Form 24Q.

In case due to some reason estimated annual income of an employee exceeds the exemption limit during the course of the year, tax should be deducted in that quarter and his particulars reported in Form 24Q from that quarter onwards

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bhavik mehta (C.A.) (526 Points)
Replied 11 June 2010

as per my view,

In annexure- II all the employees details who are in employment during the financial year is require to give,.

SRINIVASA MURTHY (Asst Manager (Finance)) (186 Points)
Replied 11 June 2010

Dear bhavik it is not required to submit details of all the employees, if u have any doubt plz refer to www.incometaxindia.gov.in website FAQs on form 24Q