As an employer, you have certain TDS compliance responsibilities and this includes the generation of Form 24Q for tax filing purposes. You must ensure that you generate Form 24Q because if you fail to do so, your company may incur hefty penalties.
What is TDS?
The full form of TDS is tax deducted at the source of income. This means that you (the employer) must deduct tax from your employees' salaries before you transfer salaries to them.
Please be aware that different income slabs have different tax liabilities. This tax deduction needs to be done every month based on each employee’s monthly income.
However, you must ensure that aside from deducting the tax you must also file the TDS returns. The return filing process includes what is known as Form 24Q.
What is Form 24Q?
The details of the tax that you deduct from an employee's salary has to be given to the Income Tax department, this is done through Form 24Q.
You must file this form on a quarterly basis. If you fail or delay filing Form 24Q, you would have to pay heavy penalties.
Steps to follow to generate Form 24Q.
Asanify is here to take away all the complexity surrounding Form 24Q and ensure stress-free TDS filing for you.
Step 1: Go to the NSDL website to submit your details and make payment.
Step 2: Download the CSI file.
Step 3: Go to Asanify to generate Form 24Q.
Step 1: Go to the NSDL website to submit your details and make payment.
Go to the NSDL website and click on the Proceed button for CHALLAN NO./ITNS 281.
For the Tax Applicable option please select Company Deductees.
Select the Type of Payment - You may choose whether the payment is for TDS that was deducted and payable by you or TDS on Regular Assessment.
You may choose the Nature of Payment from the dropdown. You may also choose the Mode of Payment from the dropdown.
You may enter the TAN (Tax Deduction Account No) and also enter the Assessment Year for which the payment is made.
Enter the values for City/District, State, and Pin code.
Please enter the Captcha Code in the text box -> Click on the Proceed button.
After you submit your details you will view a summary of your details.
Please see if your TAN and taxpayer information is valid according to the master that will be shown on this page.
After you confirm your details you will be taken to the payment page where you may log onto the net banking website. You may then complete your payment.
Step 2: Download the CSI file.
After you have completed the payment you will see a challan counterfoil. This challan counterfoil will contain the name of the bank, the payment information, and CIN.
The CSI file (counterfoil) is the confirmation that the payment has been done. This file may be used to successfully file your returns in Traces.
You may also use your CIN/TAN number to download the CSI file anytime from the website.
Step 3: Go to Asanify to generate Form 24Q.
Go to the left navigation bar -> Click on the Payroll dropdown -> Click on Manage TDS.
You will notice 2 tabs - Challans and Deductor Details. In the Challans tab, you may click on the Select Financial Year dropdown and choose the financial year.
If you have not marked your payruns as paid then you will not be able to proceed.
Click on the mark it as paid link to record your payout dates.
After you have marked your payruns as paid then you may go to the quarter for which you want Form 24Q to be generated.
The Generate 24Q Files button in the top right corner will be disabled. It will get enabled after you add the challan information for every month of the quarter.
Click on the Add Challan button to add the challan details for the whole payrun. After you have added the challan details please do the same steps as above for the other months of the same quarter.
You would need to map your employees to this challan. After you have added all the challan details -> Click on Update Mapping.
Add a record of the deductor (employer’s) details as well.
The Generate 24Q Files button will be enabled. Click on Generate 24Q Files to upload the CSI file.
You may then download the files by clicking on the Download option present next to each document.
In the event that errors are present in the uploaded data, Asanify will show you exactly where the errors are present. You may correct the errors and click on the Re-generate button. This will ensure that Form 24Q will be generated.
