Form 24 q revision using greytHR

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Form 24Q Revision – using greytHR!

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What is TDSThe word TDS stands for Tax Deducted at Source.

“As per the Income Tax Act – persons responsible for making payments are required to deduct tax at source at prescribed rates.”

“TDS is deducted at the time of payment in cash or cheque or credit to the payee’s account whichever happens earlier.”


eTDSWhat is e-TDS?

“Companies making payments should also furnish TDS returns containing details of deductee(s) and challan details relating to deposit of tax to IT Department.

It is mandatory to furnish TDS returns in electronic form (eTDS return)”

Who are liable to submit e-TDS Return/Statement?“The person who deducts TDS is liable to furnish eTDS Return. It is mandatory to file TDS Return

within time as given below; otherwise they are liable to pay penalty for non-submitting of e-TDS Return. “


Form 24Q and 27A24Q

Form 24Q has details of salary paid and TDS deducted from employees.Form 24Q for TDS deducted on salary (under section 192) is required to be

submitted on a quarterly basis by the deductor

27AIs submitted along with Quarterly TDS Returns in Form 24Q with particulars of

deductor and aggregate amounts of Total Tax Deducted and total tax deposited


Why Form 24Q Revision is Required and What is CTDS

24Q - RevisionIn case there are any additions/updates to be made to the details of the regular

statement which is already accepted at the TIN central system, the same should be done by furnishing a correction statement.

CTDS (Consolidated - TDS)Available in Traces ; For any update in the quarterly TDS / TCS statement, a

correction statement is furnished by the deductor / collector.


Form 24Q Pains–Manual Revision


Just in 3 steps Do Your Form 24Q Revision Using greytHR

Want to see the Magic? Here You Go!


Steps required to do Form 24Q Revision using greytHR

• Step 1: Upload your CTDS

• Step 2: Generate the Correction Statement

• Step 3: Generate Your Form 24Q Revised – FVU - using greytHR


Log Into GreytHR!


Select Payroll From Menu


Lock the Payroll – For Particular Quarter


Now Go to Actions


Enter – 24Q in the Search Box


Form 24Q – Home Screen


Select the Particular Quarter – 24Q Revision


Step 1: Upload Your CTDS


Click Next post Uploading your CTDS


Step 2: Generate the Correction Statement


Corrections Details


Step 3: GreytHR – Generating FVU File


Revised Form 24Q – Generated Output


Want to Know what is that error? Select Error Report… (tailor made feature for

you!)

Incase of Errors!


Error Report - Usage


What are the Different Types of Corrections that I can make?

• C1- Update deductor details (Name and Address)

• C2 - Update challan details

• C3 - Update/delete /add deductee details.

• C4 - Add / delete salary detail records.

• C5 - Update PAN of the deductee or employee

• C9 - Add a new challan and underlying deductees.


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Form 24 q revision using greytHR

Business

Transcript of Form 24 q revision using greytHR