Queries in filling f24q q4
This query is : Resolved
08 March 2012
Dear Friends,
I am having certain queries in filling up of Annexure I & II in Form 24 Q Quarter 4 th returns.
My queries are as follows:
In annexure - 1 there is a column named Taxable Amt on which Tax Deducted (Col No. 318)
What amount needs to be entered here? Because one of my staff told we have to mention the total monthly salary minus HRA exemption of that month - transport allowance exemption of that month. (800 or 1600 as per need)
If it is the pure taxable salary (after all exemptions & deductions) then how to arrive at the amount in case of persons having 20%, 30% deductions)
Date to which employed with Current Employer (Col 331) should be 31/03/2012 (pls confirm)
Also another query is in Annexure - II there is one column named Total Amount of Salary ( Col No.332)
And from this amount provision for only certain deductions / exemptions are given to be entered by the user.
There is no provision to enter medical reimbursement, cea allowance exemption (1200 Rs per child) , HRA exemption, transport allowance )
So if Y is the total salary then after deducting the amount of above mentioned exempiton , deductions then only we get some X amt, which when entered in annexure II in col no 332) will give the correct tax amount after ptax, int on housing loan sec 80C & chapter VIA deductions.
Can anyone clarify whether this is the correct method. Also why all the exemptions / deductions of form 16 are not given in annexure -II of Form 24 Q Quarter 4 return
Also if an employee is having 0 tax after submitting investment proofs and no tax is deducted, then should we mention the details of that employee in Annexure - II ???
Someone please clarify ..
I am having certain queries in filling up of Annexure I & II in Form 24 Q Quarter 4 th returns.
My queries are as follows:
In annexure - 1 there is a column named Taxable Amt on which Tax Deducted (Col No. 318)
What amount needs to be entered here? Because one of my staff told we have to mention the total monthly salary minus HRA exemption of that month - transport allowance exemption of that month. (800 or 1600 as per need)
If it is the pure taxable salary (after all exemptions & deductions) then how to arrive at the amount in case of persons having 20%, 30% deductions)
Date to which employed with Current Employer (Col 331) should be 31/03/2012 (pls confirm)
Also another query is in Annexure - II there is one column named Total Amount of Salary ( Col No.332)
And from this amount provision for only certain deductions / exemptions are given to be entered by the user.
There is no provision to enter medical reimbursement, cea allowance exemption (1200 Rs per child) , HRA exemption, transport allowance )
So if Y is the total salary then after deducting the amount of above mentioned exempiton , deductions then only we get some X amt, which when entered in annexure II in col no 332) will give the correct tax amount after ptax, int on housing loan sec 80C & chapter VIA deductions.
Can anyone clarify whether this is the correct method. Also why all the exemptions / deductions of form 16 are not given in annexure -II of Form 24 Q Quarter 4 return
Also if an employee is having 0 tax after submitting investment proofs and no tax is deducted, then should we mention the details of that employee in Annexure - II ???
Someone please clarify ..
13 March 2012
Someone please clarify hope to get some advice from seniors
10 August 2024
Filing Form 24Q (Quarterly TDS return) can be a bit complex, particularly with Annexure I and II. Let's address your queries one by one.
### **1. Taxable Amount in Annexure I (Column No. 318)**
**Query:** What amount needs to be entered here?
**Clarification:**
- **Taxable Salary Amount (Column 318)**: This should reflect the total amount of salary on which tax has been deducted. It's **not** just the taxable salary after exemptions and deductions. This amount should include the entire salary amount before considering exemptions and deductions.
**Explanation:**
- **Taxable Salary**: This is the gross salary of the employee before considering any exemptions such as HRA, transport allowance, etc.
- **Calculating Amount**: For employees with varying deduction rates (20%, 30%), you should still report the gross salary here. The deductions are accounted for separately in other columns or sections.
### **2. Date to which Employed with Current Employer (Column 331)**
**Query:** Should it be 31/03/2012?
**Clarification:**
- **Date to which Employed**: This date should be the last date of the financial year (31st March of the relevant year) or the date the employee ceased to be employed with the employer, if applicable.
### **3. Total Amount of Salary in Annexure II (Column No. 332)**
**Query:** Should the total salary include deductions and exemptions?
**Clarification:**
- **Total Amount of Salary (Column 332)**: This should reflect the total salary paid to the employee before considering any exemptions or deductions.
- **Exemptions and Deductions**: These are reported separately in the tax calculation. For Annexure II, you only need to report the gross salary amount.
**Reason for No Provision for Exemptions/Deductions in Annexure II:**
- **Purpose of Annexure II**: This section primarily deals with the total amount of salary paid and TDS deducted. Exemptions and deductions are considered during the calculation of TDS and are reported in Form 16 to the employees.
### **4. Reporting Employees with 0 Tax Liability**
**Query:** Should details of employees with 0 tax after investment proofs be included?
**Clarification:**
- **Employees with No TDS**: If an employee's tax liability is zero after considering deductions and exemptions, you **should still** include their details in Annexure II. The form needs to show all employees and the gross salary paid, even if no TDS was deducted.
### **Summary**
1. **Column 318**: Report the total taxable salary before exemptions and deductions.
2. **Column 331**: Enter the last date of the financial year or the date when the employee ceased employment.
3. **Column 332**: Report the total salary amount before exemptions and deductions.
4. **For Employees with 0 Tax**: Include their details in Annexure II even if no tax was deducted.
By following these guidelines, you ensure compliance with the TDS reporting requirements. If you have any specific cases or further queries, consulting with a tax professional or accountant might provide additional clarity.
### **1. Taxable Amount in Annexure I (Column No. 318)**
**Query:** What amount needs to be entered here?
**Clarification:**
- **Taxable Salary Amount (Column 318)**: This should reflect the total amount of salary on which tax has been deducted. It's **not** just the taxable salary after exemptions and deductions. This amount should include the entire salary amount before considering exemptions and deductions.
**Explanation:**
- **Taxable Salary**: This is the gross salary of the employee before considering any exemptions such as HRA, transport allowance, etc.
- **Calculating Amount**: For employees with varying deduction rates (20%, 30%), you should still report the gross salary here. The deductions are accounted for separately in other columns or sections.
### **2. Date to which Employed with Current Employer (Column 331)**
**Query:** Should it be 31/03/2012?
**Clarification:**
- **Date to which Employed**: This date should be the last date of the financial year (31st March of the relevant year) or the date the employee ceased to be employed with the employer, if applicable.
### **3. Total Amount of Salary in Annexure II (Column No. 332)**
**Query:** Should the total salary include deductions and exemptions?
**Clarification:**
- **Total Amount of Salary (Column 332)**: This should reflect the total salary paid to the employee before considering any exemptions or deductions.
- **Exemptions and Deductions**: These are reported separately in the tax calculation. For Annexure II, you only need to report the gross salary amount.
**Reason for No Provision for Exemptions/Deductions in Annexure II:**
- **Purpose of Annexure II**: This section primarily deals with the total amount of salary paid and TDS deducted. Exemptions and deductions are considered during the calculation of TDS and are reported in Form 16 to the employees.
### **4. Reporting Employees with 0 Tax Liability**
**Query:** Should details of employees with 0 tax after investment proofs be included?
**Clarification:**
- **Employees with No TDS**: If an employee's tax liability is zero after considering deductions and exemptions, you **should still** include their details in Annexure II. The form needs to show all employees and the gross salary paid, even if no TDS was deducted.
### **Summary**
1. **Column 318**: Report the total taxable salary before exemptions and deductions.
2. **Column 331**: Enter the last date of the financial year or the date when the employee ceased employment.
3. **Column 332**: Report the total salary amount before exemptions and deductions.
4. **For Employees with 0 Tax**: Include their details in Annexure II even if no tax was deducted.
By following these guidelines, you ensure compliance with the TDS reporting requirements. If you have any specific cases or further queries, consulting with a tax professional or accountant might provide additional clarity.
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