Error in Salary TDS Return Form 24Q for FY 2023-24 to be Rectified Soon; says IT Dept:

Error in Salary TDS Return Form 24Q for FY 2023-24 to be Rectified Soon; says IT Dept An error message was received by taxpayers completing Q4 TDS returns (Form 24Q) and claiming standard deduction under section 16(ia) for Section 115BAC cases. The error message indicates that when taxation on Section 115BAC is selected, the standard deduction under Section 16(ia) is not applicable. According to the clarification, standard deduction under section 16(ia) may be claimed for 115BAC cases as well starting in FY 23–24 in accordance with the department's file format. The problem has been reported to the Income Tax department, and a fix is anticipated in the upcoming FVU version. By Indian Taxation Law, Tax Deducted at Source (TDS) is a form of advance tax that is withheld from the earnings of a person or an organization before the actual crediting of funds into the corresponding account. The government collects income through TDS by imposing deductions on the earnings of individuals and businesses. The Central Board of Direct Taxes (CBDT) is responsible for regulating TDS under the Income Tax Act of 1961. TDS Return forms are 24Q for TDS on Salary, 26Q for TDS other than salary, 27Q for TDS on payments to NRIs and foreign companies (Section 195), and 27EQ for Tax collected last source (TCS). The Due date to file TDS Return for Quarter 4 Financial Year 2023-24 is 31st May 2024. You may also refer: TDS and TCS Due Date Chart for FY 2024-25 | AY 2025-26