> Form 24Q is categorised in to 2 categories

Annexure 1-

  • Annexure 1 of Form 24Q has to be filed in each and every quarter with the details of dedcutee wise breakup of TDS against each specific challan

Annexure 2

  • Annexure 2 of Form 24Q has to be filed only in Quarter 4 with the details of Salary Breakup, Dedutions Breakup and Other income/Loss for the full year along with overal Tax laibility with adjustment to TDS already deducted

> Comparison of Changes in Annexure 2 Before and Now


> Change with respect to Form 16 Part B

√ Before Deductor will able to generate Form 16 part A of the Employee from TDS Portal and Form 16 Part B will prepare internally and the same will shared to employees

√ Now, TDS portal gives new option to Generate Form 16 Part B from online portal only.

√ Wef FY 2018-19 every Deductor must generate Form 16 part B from online portal only and provide to employee.

> Effect of Changes in Annexure 2

√ Availaibality of FORM 16 part B

√ Income tax department can compare Income tax returns filed by tax payer with the Annexure 2 filed by dedcutor and It helps Income tax department to Check on false claims of exemptions and deductions claimed in the ITRs by enhanced system driven comparisons between ITRs and Part B of Form 16.

√ In future Income tax department will enables pre filled ITRs for Salary returns in Income tax portal and it will make easy to file income tax returns with a single click button for submission.

> Due Date For FY 2018-19:

√ For Filing of 24Q, 31stMay 2019 but which was extended to 30th June 2019

√ Relevant Notification :   https://taxguru.in/income-tax/tds-statement-form-24q-due-date-extended-30th-june-2019.html

> Procedure to Download FORM 16 Part A / Part B

> Relevant notification with respect to changes in 24Q


√ https://taxguru.in/income-tax/revised-procedure-issue-part-tds-certificate-form-no16.html

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Qualification: Student - CA/CS/CMA
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Location: bangalore, Karnataka, IN
Member Since: 26 Jul 2019 | Total Posts: 2

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June 2021