I am 31 years old, a first-generation graduate, surviving in a private CBSE school for technical education, and paid Rs.49,000 as a monthly salary without any proper split up like Basic, DA, HRA, and standard pay slip. I am happy with the salary but not satisfied with the deductions. Recently I got to know that my employer has paid TDS for almost 2 years under 194C instead of 192 (that too not as a school employee but as their trust's employee) when my personal loan was rejected due to this wrong section. The private finance demands section 192 which ensures me as a full-time employee for disbursing PL. Even my employer is aware that he is ethically wrong. Seeking your kind clarification on the following sir. 1) If my employer can apply for correction in the challan, can they also do it for previous FYs or they can apply for the present FY only? 2) Can only my employer be able to change the TDS section or even myself can do that? In particular, can I do the correction with challan for the previous FYs also? 3) My employer didn't yet commit to the correction of the already deducted TDS section 194C but he told me that if I want TDS under 192, he will deduct 10% of the salary. Is the % he mentioned is correct or not? Already he was deducting 2% under 194C. 4) Should the % deduction of the TDS value be calculated on Gross salary or Net salary after TDS and LOP deduction? 5) Am I also eligible to get a PF deduction along with TDS 192 on my Gross salary? 6) If my employer wants to proceed with the PF deduction, he demands the amount of his PF contribution from me. I know it's wrong but for the sake of the PF account shall I proceed with his plan? My ultimate thought is to procure a housing loan at the best private finance and transfer to govt banks later. Please guide me, sir.
There is no need to change in the challan paid under section 194C it can be adjusted with other head tds amount. However He will have to pay extra tds if there is short deduction due to different rate of tds under both sections. He will have revise his tds return only. No only employer can revised return/ make corrections in challans. Under the head salary (section 192B), tds will deducted on the basis of slab rate. As you said your annual salary is Rs. 5,88,000/- ( 49000*12) if I assume there is no any deduction except standard deduction of Rs. 50000/- and no any investment as well then your net taxable income would be Rs. 538000( 588000-50000) and the total tax on it would be Rs. 16952/- ( up to 250000/- no tax. On next 250000 @ 5% i.e. 12500/- and on 38000/- @ 10% I.e. 3800/- plus 4% cess on total tax) TDS under section 192 b will always deduct after giving effect of all deduction under the head salary like standard deduction of Rs. 50000/- , HRA and other in any plus deduction under the head of house property like interest on home loan etc After giving the effect of all above it is further adjusted with your investment like PF, LIC, tuition fee, principal payments of home loan etc ( maximum 150000/-) under section 80C further medical insurance under 80D and other
Helpful & knowledgeable video … sir aapka video kafi accha h … aap traces on tds ke other points pr bhi video baniye … 👍👍👍👍
Sure
Hello sir.. why did u edit challan again removing 9600 to levy?? When u already removed 9600 from levy to others then why u changed it back??
Sir ak video short deduction and interest k upar v banao.
Static disturbance in voice .... But video was very informative... please make video on New tds section.
I am 31 years old, a first-generation graduate, surviving in a private CBSE school for technical education, and paid Rs.49,000 as a monthly salary without any proper split up like Basic, DA, HRA, and standard pay slip. I am happy with the salary but not satisfied with the deductions. Recently I got to know that my employer has paid TDS for almost 2 years under 194C instead of 192 (that too not as a school employee but as their trust's employee) when my personal loan was rejected due to this wrong section. The private finance demands section 192 which ensures me as a full-time employee for disbursing PL. Even my employer is aware that he is ethically wrong. Seeking your kind clarification on the following sir.
1) If my employer can apply for correction in the challan, can they also do it for previous FYs or they can apply for the present FY only?
2) Can only my employer be able to change the TDS section or even myself can do that? In particular, can I do the correction with challan for the previous FYs also?
3) My employer didn't yet commit to the correction of the already deducted TDS section 194C but he told me that if I want TDS under 192, he will deduct 10% of the salary. Is the % he mentioned is correct or not? Already he was deducting 2% under 194C.
4) Should the % deduction of the TDS value be calculated on Gross salary or Net salary after TDS and LOP deduction?
5) Am I also eligible to get a PF deduction along with TDS 192 on my Gross salary?
6) If my employer wants to proceed with the PF deduction, he demands the amount of his PF contribution from me. I know it's wrong but for the sake of the PF account shall I proceed with his plan?
My ultimate thought is to procure a housing loan at the best private finance and transfer to govt banks later. Please guide me, sir.
There is no need to change in the challan paid under section 194C it can be adjusted with other head tds amount. However He will have to pay extra tds if there is short deduction due to different rate of tds under both sections. He will have revise his tds return only.
No only employer can revised return/ make corrections in challans.
Under the head salary (section 192B), tds will deducted on the basis of slab rate. As you said your annual salary is Rs. 5,88,000/- ( 49000*12) if I assume there is no any deduction except standard deduction of Rs. 50000/- and no any investment as well then your net taxable income would be Rs. 538000( 588000-50000) and the total tax on it would be Rs. 16952/- ( up to 250000/- no tax. On next 250000 @ 5% i.e. 12500/- and on 38000/- @ 10% I.e. 3800/- plus 4% cess on total tax)
TDS under section 192 b will always deduct after giving effect of all deduction under the head salary like standard deduction of Rs. 50000/- , HRA and other in any plus deduction under the head of house property like interest on home loan etc
After giving the effect of all above it is further adjusted with your investment like PF, LIC, tuition fee, principal payments of home loan etc ( maximum 150000/-) under section 80C further medical insurance under 80D and other
thanks so much sir, mere sabhi dought clear hogaye
Normal kyc se v ho jayega na
Sound problem
Good videos
Jha sir vedio mai awaj sahi nahi baki sab tik h
Tumhara phone mike kharab hai yaar
Hi jha sir
Recording very noisy😂