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What is Form 24G?

In the case of a Government deductor/collector, where TDS/TCS is deposited without production of a challan, a statement in Form No. 24G is required to be submitted to an agency authorized by the Director General of Income-tax (Systems).

When Form 24G is submitted to the authorized agency, the 'Book Identification Number' is generated which is required to be reported while filing the TDS/TCS statement. Further, Form 24G is to be furnished only in electronic form.

What are the due dates for furnishing Form 24G?

For the month of	Due Dates for Form 24G
April to February	Within 15 days from the end of the month in which tax is deducted/collected
March	On or before April 30

What are the consequences of failure to furnish a TDS/TCS return?

If an assessee fails to deliver the TDS/TCS statement on or before the due date then a fee at the rate of Rs. 200 per day under section 234E will be charged for every day of default. However, the fee shall not exceed the amount deductible/collectible. If the deductor/collector doesn't suo-moto pay the amount of late filing fees, it shall be calculated at the time of processing of the TDS/TCS statement.

Besides late filing fees under section 234E, a person who fails to file the TDS/TCS return or does not file it by the due dates, may be liable to pay a penalty under section 271H .