Queries in form 24q q4 filling

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Ravishankar K

Accountant

461 Points Joined March 2011

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 ..

Replies (2)

obuleshu b

Accountant

25 Points Joined April 2013

HOW CAN I SHOW THE HRA AND OTHER EXEMPTION IN FOR 24Q4 IN ANNEXURE II

NILAY

Article

4 Points Joined May 2010

Co A has paid salary to Mr. A Rs 600 in FY16 (monetory perk being Rs 400). TDS has been accordingly dedcuted (say Rs. 200). Now in FY17 Co A has decided to have a revised compensation policy under which tax in non-monetory perks will be beared by Company. This revised policy is to become effective from 1 April 2015 (i.e. FY16). This means that Form 16 needs to be revised (to disclose exemption u/s 10(10CC) - tax on non-monetory perks).

Query - Further, in this regard wanted to check whether 2Q neeeds to be revised? If yes, reason for such revision? Further is there a need to reived the tax challan (assuming that previuosly also tax on non-monetory perks was discahrged by separate challan)? if yes, reason for such revision? Nilay M Mehta (+8904627537 / 9611917171)