First things first: 30th April, 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 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.
- Update the 24Q parameters (one-time activity)
- Add the challan details
- Generate CSI file from NSDL website
- Upload CSI file to greytHR and generate FVU
1. Update the 24Q parameters (one-time activity)
Let us first address the task of updating the Form 24Q parameters. Here’s how you do this on greytHR, a one-time activity to be performed only the first time you use greytHR for Form 24Q generation.
Log in to greytHR > Payroll > Admin > Form 24Q > System Settings or System Settings > Income Tax > Form 24Q and enter the relevant details here such as the Particulars of Return, Employer Information, etc.
2. Add the challan details
Now we get into the actual procedure to be performed each time you generate Form 24Q.
The first step is to add the challan details into greytHR.
To do ths, go to Payroll > Admin > Form 24Q > Challans > Add Challan
Add the challan details here.
3. Generate the CSI file from the NSDL website
Now you’re all set.
Log in to https://www.tin-nsdl.com
Now, click on Services > Challan Status Enquiry > TAN-based View .
Here, update your company TAN number, then select From and To dates as applicable and click on Download Challan File.
Please remember to not open or rename the downloaded file.
4. Upload CSI file to greytHR and generate Form 24Q
Now, go back to greytHR, click on the respective quarter and then opt to to Generate FVU.
Now click on Upload File and upload the downloaded CSI file to the system. Now click on OK.
Your Form 24Q has been generated successfully and the FVU details are available for download.
Now, you will be able to view a list of downloadable files. Of these, the Annexure 1 file gives you the break-up of each employee’s tax for each month. The FVU file (Form 24Q) and the Form 27 A file from here are to be downloaded and submitted to the income tax department.
Kindly ensure the files are not opened or modified during the process.
Now you are brought back to the Challan page where you can view the challan details and allocate employees.
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 compliance, 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!
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.