24Q of Last quarter is very important as the employer calculates the total tax payable by the employee and files his salary details in the form. Salary annexure II is also filed in the last quarter with the 24Q.
How is the Form 24Q for the fourth quarter of FY 2005-06 different from the Form 24 Q to be furnished for the first three quarters?
While furnishing Form 24Q for the first three quarters, Annexure II (salary details) need not be furnished. Only deductor details, Challan details and deductee details (Annexure I) have to be furnished for the first three quarters. However, for the fourth quarter, Annexure II, which gives salary details of the deductees, has to be furnished giving the details for the whole financial year.
Salary annexure is to be filled for all employees for whom TDS on salary has been deducted during the year.
Example:- TDS is deducted for Mr. A in Q1 on his salary and then, no TDS has been deducted from his salary in Q4. So for Q4-24Q, his salary annexure need to be filled & submitted.
In case of NIL statement in the fourth quarter, do I need to show salary details of deductees mentioned in first three quarters?
If there is no deduction in the fourth quarter but statements for all or any of the first three quarters were filed, statement for the fourth quarter giving only salary details (Annexure II) should be filed.
If an employee is employed only for the part of the year with an organization, in which quarter do I show his salary details?
For the first three quarters, no salary details (Annexure II) are required to be provided. However, in the fourth quarter, actual salary details for the part of the year during which the employee was under employment with the organization are to be provided.
Salary annexure is filled so that TDS certificate is generated.
Does we need to five/fill salary annexure of other employees for whom no TDS is deducted at all?
The answer lies in this following question.
Whether we need to issue TDS certificate to all the employees?
No, as per section 203 of Income Tax Act, 1961 every person deducting tax shall furnish to the payee a certificate of tax deducted at source to enable the payee to claim credit of the amount of TDS.
So as per law it is not mandatory, however to give a valid certificate of their/employees salary, the employer can give a NIL TDS certificate.
But interestingly when we go through the FAQ’s of tin-nsdl on 24Q, we found that employees whose salary is above the thresh hold limit, the salary details are to be provided in salary Annexure and the same time it says filing of NIL return is not mandatory if there is no TDS deduction in a particular quarter.
Click here for the FAQ / Form 24Q Q4 / Form 24Q for the Fourth Quarter of TIN-NSDL
What is TDS ?
what are the Important sections of TDS?
What is TDS certificates ?
What is the rates of TDS?
Please comment for any query on form 24Q of last quarter.