Form 24Q is a quarterly statement that an Employer needs to submit to the income tax department in each quarter. Empxtrack system generates this form for you. It contains the details of the salary paid and tax deducted from the employees by the company, as shown in Figure 1 and Figure 2:
The Empxtrack system automatically generates the form 24Q in .txt file that you can validate using File Validation Utility (a freely downloadable utility from NSDL website) and after validation, the returns should be submitted to the department in CD along with Form 27A in Physical Form.
To generate Form 24 Q text file, you need to:
1. Log into the system as HR Manager / HR Admin.
2. Go to Manage >> Manage Payroll >> Manage Challan Info.
The Manage Challans for India Payroll page appears, as shown in Figure 3.
4. Click Form 24Q link.
The Form 24Q page appears, as shown in Figure 4.
4. Select the financial period for which you want to generate the Form 24Q from the Financial period dropdown.
5. Select the quarter for which you want to generate the Form 24Q from the Month dropdown.
6. Select your company from the Company field.
7. Click Generate Form 24Q.
The File Download dialog box appears, as shown in Figure 5.
You can now save the automatically generated Form 24Q text file on your computer.
8. Click Save to save the file on your computer.
You can now validate the file with the File Validation Utility (FVU). To know how to use File Validation Utility, click here.
It is mandatory to validate the TDS returns with File Validation Utility to conform to the requirements as prescribed by the Income tax department.
If File Validation is successful, FVU generates a Report file with the Statistics of the return and a *.FVU file. The *.FVU file is to be copied to a Floppy/CD and should be enclosed with a covering Letter (Form 27A) duly signed by the responsible person.
Both letter and the *.FUV file should be submitted to the TIN FC (Taxpayer Identification Number Facilitation Center), which uploads the *.FVU file through SAM (Statement Acceptance Module) and generates an acknowledgment receipt.
9. Click Cancel to go back to Manage Challans for India Payroll page.