TDS Question / If I am Liable to Pay TDS @5,000 P.M.?

[Raghav Bharat]

Hi Raghavendra Varma,

My Employer plans to deduct ₹ 5000 (at 10%) on Total Profit + Base Salary. Please find the details below:

Company Balance:

225,000 + Taxes Client1 = 257,000

250,000 All inclusive Client2

40,000 + taxes Client3 = 44,000

Total :- 551,000

Company Deductions for Profit Sharing:

TDS 10% : 55,000

Service Tax 14% : 77,000 (Approx)

Cess : 2750 (Approx)

Me (Base Salary: 40,000

Gagan : 45,000

Vishwesh : 28,000

Rakesh : 30,000

Ritesh : 80,000

New Laptop for Shailesh : 50,000 (Approx)

Server : 10,000

Mainak : 25,000 (Approx, to be decided)

Misc Expenses 8,000

Balance Profits : 100,000

My 10% Share = 10,000

Total Payable to Me = 50,000 (Base Salary + 10% of Profit)

Now over this balance as well, my employer asks:

1. The company shall deduct 10% of 50, 000
2. The company shall deduct PT

Which basically means I would get Balance Amount - TDS + PT = Actual Revenue per month = 50, 000 - (5000 + 200) = 44, 800 INR

My Question is:

1. On Profits, Company TDS was already calculated, 10% of overall should be again calculated?
   
2. Which ITR form return should I e-fill?

Kindly let me know the details.

AI Summary

Understanding 10% TDS on Salary and Profit Share: Use ITR 4 for Filing; Explore E-filing and Refund Options An individual inquires about the applicability of a 10% Tax Deducted at Source (TDS) on their salary and profit share, totaling 50,000 monthly. They seek guidance on whether TDS should be calculated again on their share of profits after company deductions and which Income Tax Return (ITR) form to use. Responses suggest that salary is taxable for the employee, not the company, and recommend using ITR 4 for filing, provided there is no additional income. The individual confirms no other income sources and questions the availability of ITR 4 for e-filing and TDS refund possibilities.