In Form No. 24Q, should the particulars of even those employees be given whose income is below the threshold limit or in whose case, the income after giving deductions for savings etc. is below the threshold limit?
Gayatri N (student) (138 Points)
08 May 2015In Form No. 24Q, should the particulars of even those employees be given whose income is below the threshold limit or in whose case, the income after giving deductions for savings etc. is below the threshold limit?
Deepak Gupta
(CA Student)
(15922 Points)
Replied 08 May 2015
1. Particulars of only those employees are to be reported in Form 24Q where the estimated income is above the threshold limit.
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2. In case the estimated income of an employee after allowing deductions, comes below the taxable limit, his particulars need not be included in Form 24Q.
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3. In case, estimated income of an employee exceeds the exemption limit during the year, tax should be deducted in that quarter and to be reported in Form 24Q from that quarter onwards.
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- Clarifications regarding Form 24Q
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