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Form 24Q generation: How can greytHR help you

First things first: 31st May, is the deadline for the submission of Form 24Q for the quarter and for the last financial year. Chances are, you are in the thick of generating the form for your organization and finding it very complex.  greytHR, however can make this process simpler for you.

The greytHR advantage

The process for Form 24Q generation involves complex calculations and is hence a tedious and labour-intensive task when performed without the help of technology. With the support of greytHR software which is 100% statutory compliant, however, the task - which can take upto 1-2 days, depending on your employee headcount - can be completed in a matter of no more than a few minutes!

Moreover, the updated FVU version is available for your use on the application. greytHR also generates Form 24Q in an uploadable format for you.

All you need is to provide the challan details, and voila! The task is done!

The process on greytHR

Form 24Q is the form for preparing eTDS returns for the TDS deducted on salary under Section 192. Form 24Q is required to be submitted on a quarterly basis by the employer. This form contains details of the salaries paid and the TDS deducted from the employees.

Here is an overview of the steps to generate Form 24Q on greytHR.

  1. Update the 24Q parameters (one-time activity)
  2. Add the challan details
  3. Generate CSI file from NSDL website
  4. Upload CSI file to greytHR and generate FVU

Do check out the detailed video below to understand how to generate Form 24Q in greytHR.

Also, check out our user guide for a step by step procedure of how to generate Form 24Q.

Is late submission of Form 24Q an option?

Well, the old proverb ‘time is money’ holds true here!

In case of delayed submission you stand to be penalized at the rate of 1 to 1.15% interest/day on the outstanding amount i.e. tax collected - an amount that mounts quickly, we might add!

Also, please bear in mind that the Form 24Q for the last quarter must be completed by the end of April. This grace period of a month post the end of the quarter gives you time to clear all pending completions and deductions for the financial year.

We hope this read has been a helpful one at this final hour before Form 24Q submission is due.