Unfortunately, your question about Form No. 24Q is a bit broad for me to answer directly. To provide you with the best clarification, I need a little more context about what you’re looking for.

Here are some ways I can help you understand Form No. 24Q:

• General information: Are you looking for an overview of Form 24Q, its purpose, and who needs to file it?
• Specific details: Do you have a question about a particular field or section of the form?
• Filing procedure: Are you unsure about how to electronically file Form 24Q, or do you need help understanding the deadlines and penalties?
• Interpretation of terms: Do you need clarification on some of the terminology used in the form, such as “deductee” or “challan number”?

Once you provide me with a bit more information about what you’re struggling with, I can give you a more focused and helpful answer.

EXAMPLE

1. Which state in India are you referring to? Each state has its own specific rules and regulations regarding the Form 24Q, so knowing the state will allow me to tailor my response accordingly.
2. What specific aspect of Form 24Q are you unclear about? Are you unsure about how to fill out a particular section, what documents to attach, or the eligibility criteria for filing the form? The more specific you are about your question, the better I can assist you.
3. Are you an employee or an employer? The clarification on Form 24Q can differ depending on your role. Knowing your position will help me provide relevant information.

FAQ QUESTIONS

General:

• What is Form 24Q?
  • Form 24Q is a quarterly statement used by employers (deductors) to report tax deducted at source (TDS) on salary income during a financial year.
• Who needs to file Form 24Q?
  • Any employer who deducts TDS on salary payments must file Form 24Q. This includes individuals, companies, partnership firms, Hindu Undivided Families (HUFs), and government departments.
• When is the deadline for filing Form 24Q?
  • The due date for filing Form 24Q is the 7th day of the month following the quarter. For example, the deadline for the first quarter (April-June) is July 7th.
• Where can I find Form 24Q?
  • You can download Form 24Q from the official website of the Income Tax Department: https://cleartax.in/s/tds-return-salary-payment

Specific Fields and Information:

• How do I fill out the “Explanation for Lower Deduction of Tax” column?
  • This column is filled only if the TDS deducted is lower than the amount calculated through normal tax slabs. You need to mention the reason for the lower deduction, such as a valid certificate from the assessing officer or deductions under specific sections like 80D or 80G.
• What if I make a mistake while filing Form 24Q?
  • You can revise the return within 15 days of the original filing date by filing a revised Form 24Q.
• What are the penalties for late filing of Form 24Q?
  • A penalty of Rs. 200 per day of delay is imposed for late filing, with a maximum limit of the total TDS amount.
• Do I need to submit Form 24Q separately for each employee?
  • No, you can file a single Form 24Q for all employees during a quarter.

CASE LAWS

1. Type of taxpayer: Are you an individual, a Hindu Undivided Family (HUF), a company, or another type of taxpayer?
2. Nature of AWS usage: Are you using AWS for your own business operations, providing AWS services to clients, or for personal use?
3. Tax residency: Are you a resident of India for tax purposes or not?
4. Total income: What is your total income for the financial year?

Once I have this information, I can provide you with a more accurate and relevant explanation of Form NO. 24Q and its implications for your AWS usage.

Here’s some general information about Form NO. 24Q:

• Purpose: Form NO. 24Q is required to be filed by taxpayers who have made specified foreign remittances exceeding Rs. 25 lakhs during the financial year.
• Specified foreign remittances: These include payments made for goods, services, or any other purpose to residents outside India.
• Information required: The form requires details of the remittances, including the nature of the payment, the name and address of the recipient, the amount remitted, and the bank through which the remittance was made.

Applicability to AWS usage:

• If you are using AWS for your business operations and making payments to Amazon Web Services Inc. (a US-based company), such payments would be considered specified foreign remittances.
• If you are a resident taxpayer in India and your total income exceeds Rs. 25 lakhs, you would be required to file Form NO. 24Q if your AWS usage resulted in remittances exceeding Rs. 25 lakhs during the year.

It’s important to note that the above information is for general guidance only and may not be applicable to your specific situation. To ensure compliance with Indian tax regulations, it’s advisable to consult with a qualified tax advisor who can assess your individual circumstances and provide appropriate guidance.

I hope this helps! Let me know if you have any other questions.