CBDT Draft Form 138 – Quarterly TDS Reporting.

 

·         Central Board of Direct Taxes (CBDT) has proposed a new Draft Form 138 for quarterly TDS reporting.

·         It will replace Form 24Q used for salary TDS returns.

·         The form must be filed every quarter by employers and banks paying income to senior citizens.

·         It will include salary details, deductions, tax calculation, TDS deducted, and challan details.

·         Purpose: more transparent and detailed TDS reporting under the new Income Tax rules.

✅ In simple words: Form 138 is a new quarterly TDS return format for salary income replacing Form 24Q.