Form 24G

Form 24G is an electronic form submitted by the Accounts Office to the Income Tax Department. It is required for reporting tax deducted at source (TDS) for further processing by the Drawing and Disbursement Officer (DDO).

Key Components of Form 24G

• Accounts Office Details: This includes the identification number, name, and contact information.
• Government Category: Identifies whether the Accounts Office is under Central or State Government, along with ministry or state details.
• Filing Period: Month and year for which the form is being submitted.
• Payment Summary: A detailed summary of payments and deductions made.
• DDO Payments: The amount paid by the Drawing and Disbursement Officer.

Form 24G simplifies the TDS process for the Accounts Officer (AO), ensuring accurate submission and tracking of taxes deducted, ultimately contributing to the smoother filing of tax returns.

Frequently Asked Questions (FAQ)

Q. Who is responsible for submitting Form 24G, and what is the process for submission?

A. The Accounts Officer (AO) is responsible for submitting Form 24G. They must prepare the form electronically, detailing the tax deducted at source (TDS) and submit it to the Income Tax Department. This ensures the accurate reporting of deductions and allows for smooth processing by the Drawing and Disbursement Officer (DDO). The AO must gather all required information, including payments made and deductions, and file it within the designated period, usually via online portals provided by the tax authorities.

Q. What are the deadlines for filing Form 24G, and what are the consequences of late submission?

A. Form 24G must be filed monthly, typically by the 15th of the following month. Meeting this deadline ensures timely processing of TDS deductions. Delayed submissions can lead to penalties, and the Accounts Officer may face legal consequences. Additionally, late submission could disrupt the payroll or tax return processes for employees, leading to unnecessary delays in refunds or claims. Therefore, it’s crucial to stay within the prescribed deadlines to avoid such issues.

Q. How does the data in Form 24G get utilised in the overall tax filing process for both the Accounts Office and the employees?

A. The data in Form 24G plays a vital role in the overall tax filing process. It helps the Income Tax Department verify the TDS deductions made by the Accounts Office. For employees, the information ensures accurate credit of tax deductions when they file their income tax returns. Therefore, proper submission of Form 24G by the AO guarantees that employees' tax liabilities are correctly accounted for, and it supports the smooth processing of refunds, if applicable.