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Form 24Q eTDS generation: How can greytHR help you



Form 24Q is the form for preparing eTDS returns for the TDS (Tax Deducted at Source) 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.

This article will talk about how you can generate and submit Form 24Q for your employees, using greytHR. We will also explain the various parts, annexures, and deadlines for each quarter.

 

Components of Form 24 Q 

24Q consists of 2 annexures – Annexure 1 and Annexure 2.

Annexure 1 incudes Deductor details, Challan details, and Deductee details. Annexure 2 covers a detailed breakdown of the salary details of all the deductees.

Important Note: Annexure 1 has to be submitted for all four quarters of an FY. Annexure 2 is not required to be submitted for the first three quarters. Annexure 2 has to be submitted in the last quarter (Jan – Mar), giving details for the entire financial year.

 

Form 24Q Deadlines: Take Control

As it has to be submitted every quarter, it is important to remember the deadlines for the submission of Form 24Q. Here are the quarterly due dates:

Quarter

Due Date

April to June

31st July

July to September

31st Oct

October to December

31st Jan

January to March

31st May

 

 

The greytHR Advantage

The process for Form 24Q generation involves complex calculations and is hence a tedious and labour-intensive task. The entire process usually takes 1-2 days (depending on your employee headcount) because of the number of steps involved. 

However, if you’re a greytHR customer, you can rest easy. With the support of greytHR software which is 100% statutory compliant, the task can be completed in a matter of a few minutes!

For added convenience, the updated FVU version is available for your use on the application. greytHR also generates Form 24Q in various uploadable formats for you.

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

 

Generating Form 24Q For Your Organization Using greytHR

Here is how easy the process becomes 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.

Check out the detailed video below for a step-by-step guide to this process.

 

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?

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.

Along with making the Form 24Q process for your organization a cakewalk, greytHR offers a full suite of HR and Payroll automation solutions suited for SMEs, making it an HR/Payroll managers' best friend. Get in touch for a demo today!

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