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Ashok Gaikwad   13 October 2021

Tds under sec.192

Sir. my client are salary person plus pensioner. his total salary income in form 16 are 852000 and pension amt 350000
total income 1200000. his tds deduct amt 740000 and tax liability are create 136000. excess tax amt he will be liable to pay?
no one any excemption


 7 Replies

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     13 October 2021

1) How much is TDS 7400 /-or 740000/- ?. please clarify
2) Tax is calculated as per old regime or New regime ?.
Ashok Gaikwad

Ashok Gaikwad   13 October 2021

Tds 74000
prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     13 October 2021

Rs, 136000 tax calculated as per new tax regime or old tax regime .
Ashok Gaikwad

Ashok Gaikwad   13 October 2021

New tax regime
prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     13 October 2021

Only Deduction under 87A is available , for new tax regime , standard deduction is not available for pensioner , most of the deductions are not available in new tax regime like 80c ,80D, 80 CCD ' 80TTB and other deductions, however TDS will be deducted from your final tax payable amount. calculate your tax amount as per new tax regime correctly.
veerendar singh

veerendar singh (tax consultant)     13 October 2021

Additional tax will have to be paid
prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     13 October 2021

Check out which is beneficial old tax or new tax regime , accordingly file return and pay tax.

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