CBDT extends the due date for filing of TDS statement in Form 24Q

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cbdt due date

In another major decision, the CBDT (Central Board of Direct Taxes) has extended the due date for TDS filing- Form 24Q i.e. quarterly TDS statement in respect of salaries for the financial year 2018-19 from May 31, 2019 to June 30, 2019. Meanwhile, the Income Tax department has also extended the deadline for employers to issue Form 16 TDS certificate to employees from 15th June to 10th July 2019. However, the last day for efiling ITR for AY 2019-20 is July 31. 

With a view to redressing genuine hardship of deductors in timely filing of TDS statement in Form 24Q on account of revision of its format and consequent updating of the File Validation Utility for its online filing, CBDT has ordered the following:

  • Extended the due date of filing of TDS statement in Form 24Q for the financial year 2018-19 from 31st of May, 2019 to 30th of June, 2019
  • Extended the due date for issue of TDS certificate in Form 16 for the financial year 2018-19 from 15th of June, 2019 to 10th of July, 2019.

What is Form 24Q?

Form 24Q is used for preparing TDS returns for the TDS deducted on salary under section 192 of the income tax act 1961. The form has to be submitted on a quarterly basis by the deductor. Along with this, it contains details like salaries paid and the TDS deducted of the employees by the employer. It has been ascertained that this form is mandatory in order to declare an individual’s returns in detail, hence one has to complete this form.

The form 24Q consists of 2 annexures that are Annexure I and Annexure II. It contains 2 annexures namely Annexure-I and Annexure II. Annexure-I contains details of the deductor, deductees, and challans, it has to be submitted by the deductor for all the four quarters of the financial year. On another hand, Annexure II need not be submitted in the first three quarters of the financial year but has to be furnished and submitted in the fourth quarter of the financial year with details of the employees’ salaries of the entire financial year. Eventually, Tax Deducted at source on salary has to be deducted as per income tax return slab. The employer has to consider all the deductions and investments of the employee.

Although, you can submit the form online as well as submitted in person along with the needed documents. However, for certain people, it is compulsory to collate and submit the quarterly return online. That is if the deductor is:

•    A Government office

•    A company’s principal officer

•    The assessee has had its accounts audited for the previous year under 44AB of the Income Tax Act, 1961.

•    If the record of deductees in a statement is 20 or more during any quarter of a particular financial year.

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