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Form No. 138 – Frequently Asked Questions
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....orm No. 138 – Frequently Asked Questions<BR>Income Tax<BR>Dated:- 2-4-2026<BR><BR>Form No. 138 (Earlier Form No. 24Q) Form No. 138 - Frequently Asked Questions Quarterly statement of deduction of tax in respect of salary paid to employee under section 392 [other than section 392(7)], or income of specified senior citizen under section 393(1) [Table: Sl. No. 8(iii)] Name of form as per I....
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.....T. Rules, 1962 24Q Name of form as per I.T. Rules, 2026 138 Corresponding section of I.T. Act, 1961 200(3) Corresponding section of I.T. Act, 2025 397(3)(b) Corresponding Rule of I.T. Rules, 1962 31A Corresponding Rule of I.T. Rules, 2026 219 1. What is Form No. 138? Ans: Form No. 138 is a quarterly statement filed by employers responsible for deduction of t....
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....ax at source from salaries paid to employees under section 392 or by the specified bank in respect of income paid to specified senior citizen under section 393(1) [Table: Sl. No. 8(iii)] of the Income-tax Act, 2025. 2. Who is required to file Form No. 138? Ans: Any employer (company, firm, government, individual, etc.) who deducts tax from employees' salaries, and any specified bank who dedu....
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....cts tax on Pension and Interest income paid to specified senior citizen, are required to file Form No. 138. 3. Are all the annexures of Form No. 138 required to be submitted for each quarter? Ans: No. Only annexure-I is required to be submitted for all the four quarters. However, Annexure-II and Annexure-III are to be submitted only for the last quarter (Q4). 4. Is filing of Form No. 138 ....
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....mandatory? Ans: Form No. 138 must be filed for each quarter if any one of the below-mentioned conditions is satisfied- • The employer has deducted tax under section 392 on salary paid to any employee • The specified bank has paid pension and interest income to a specified senior citizen under section 393(1) [Table: Sl. No. 8(iii)] 5. What is the periodicity and time....
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.... limit for filing Form No. 138? Ans: Form No. 138 is to be filed quarterly: Quarter Period Due Date Q1 Apr - Jun 31st July of the Financial Year Q2 Jul - Sep 31st October of the Financial Year Q3 Oct - Dec 31st January of the Financial Year Q4 Jan - Mar 31st May of the Financial Year immediately following the Tax Year in which deduction is made 6.....
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.... Is it mandatory to file Form No. 138 in electronic format? Ans: Yes. As per the Income-tax Rules, all TDS/TCS statements including Form No. 138 must be furnished electronically in the prescribed format. 7. Can Form No. 138 be edited after submission? Ans: No. Form No. 138 once submitted, cannot be edited. However, in order to correct or update the details in an already submitted Form No.....
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.... 138, the deductor is allowed to file a correction statement once the previously submitted statement has been processed by CPC-TDS. 8. What is the time limit for filing the correction statement? Ans: Within two years from the end of the tax year in which the statement was required to be delivered. For example, the correction statement in respect of Form No. 138 for the Quarter 3 of Tax Year ....
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....2026-27 can be filed upto 31.03.2029. 9. How will deductor know whether the Form No. 138 filed by him has been accepted by the Income-tax Department? Ans: After filing Form No. 138 on the TRACES portal of Income-tax Department, the deductor receives an Acknowledgment Receipt Number (ARN) on successful submission of the Form. 10. Why filing of Form No. 138 in a timely and accurate manner i....
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....s important? Ans: Filing of Form No. 138 in a timely and accurate manner is important as: ⮚ It will ensure that accurate and complete tax credit is passed onto the deductees. Consequently, it will also eliminate scope for deductee related grievances. ⮚ The deductor would be able to avoid legal challenges associated with noncompliance including late filing fee u/s....
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.... 427 and penal proceedings u/s 461 and 465(2)(g). =============<BR> News - Press release - PIB....