SECTION 192 AND SECTION 15...
This query is : Resolved
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.
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.
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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