Form 24Q (Salary TDS Return), in the fourth quarter (Q4) includes two annexures – Annexure I and Annexure II.
– Annexure I is the regular quarterly data for the months of January to March.
– Annexure II is the tax computation calculation information for each employee along with summary and tax deduction (TDS) for the whole financial year. This would determine, if any tax is due or needs to be refunded.
Summary and information to be submitted is summarised below:
Challan Details
• Date of Payment
• BSR Code
• Challan No.
• TDS
• Surcharge
• Education Cess
• Interest
• Fee (Sec. 234E)
• Others
• Total
• Minor Head
• Remarks
• Interest (allocated)
• Others (allocated)
Annexure I
• Challan Serial No.
• Challan No.
• Date
• Employee Serial No.
• Employee Name
• PAN
• Section – Govt. / Non-Govt employees
• Date
• Amount of Payment
• Income Tax
• Surcharge
• Cess
• Total Tax
• Tax Deposited
• Deduction Date
• Remarks
• Certificate No. (15G / 15H)
Annexure II
• Total Salary
• Less : Allowance under Section 10 (breakup into different sub-sections)
• Balance (calculated)
• Break up of Balance (current employer Salary and previous employer salary, if applicable)
• Deductions u/s 16 – Standard Deduction, Professional Tax, Entertainment Allowance
• Aggregate of Entertainment Allowance, Tax on Employment and Deduction u/s 16(ia)
• Income chargeable under the head ‘Salaries’ (calculated)
• Add : Any other income / loss other than salary offered for TDS (include Interest on Housing Loan)
• Gross Total Income (calculated)
• Deductions under chapter VI-A (80C, 80CCC, 80CCCD(1), 80D, 80E, etc.)
• Total Taxable Income (calculated)
• Tax on Total Income after deducting Rebate
• Surcharge
• Education Cess @ 4%
• Tax Payable
• Less: Relief u/s 89
• Net Tax Payable
• Total TDS Deducted (Break up of Current and Previous Employer)
• PAN & Name of House Owner – if aggregate annual rent payment exceeds Rs. 1 lakh
• PAN & Name of Lender – if interest claimed on housing loan