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SECTION 192 AND SECTION 15...

This query is : Resolved 
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28 October 2024 Thanks for your reply sir.. please consider below example once and confirm whether my understanding is correct or not.

For example Mr. X earns salary Rs.50,000/- per month from january 2022 to september 2023 and later on increased to Rs.60,000/- and tax payable for fy.2022-23 is Rs. 23,400/- on 6 lakh salary (1,950 p.m) and for fy.23-24 is Rs. 35,880/- on 6,60,000 salary (2,990 p.m) (tax computation done as per old scheme).

As per above provisions of sec.192 TDS of march 2023 salary paid in april 2023 and March-2024 salary paid in april 2024 and accordingly TDS need to pay in 7th may. Based on above Salary particulars as per 26AS for the FY.2023-24 is Rs. 6,50,000/- ((50000*7-including march 2023)+(60000*5- EXCLUSING MARCH-2024 SALARY)) and TDs amount is Rs.34,840 (1950+32890) but as per sec.15 the salary amount to be reported in IT return is Rs.6,60,000/- and TDS amount should be actually 35,880/-...

The above difference exist in form 26AS and IT return based on provisions of sec.192 and sec.15..

Is my understanding on above sections is correct sir.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 October 2024 Yes, in ITR you will declare salary 6.60L but not TDS amount. Schedule TDS will fetch data as per form 26AS.
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