What is the rate of professional tax in Maharashtra?
Professional Tax Slab Rates in Maharashtra 2020-21
|Monthly Gross Salary||Amount Payable as Professional Tax|
|Rs. 7,501 to Rs.10000||Rs. 175 per month|
|Above Rs. 10000||Rs. 2,500 p.a. The amount is can be paid in the following manner: Rs. 200 per month except for the month of February. Rs. 300 for the month of February.|
How is professional tax calculated?
For example, if you are a working professional in Gujarat earning Rs. 20,000 a month, your monthly professional tax will amount to Rs. 200, and your annual professional tax will be Rs. 2,400.
What is the exemption limit for professional tax?
Thus, it is essential for every employer to deduct professional tax on salary, although there are a few exemptions related to this. Professional tax in India varies from state to state. The maximum amount of professional tax cannot exceed Rs. 2,500 annually.
What is the professional tax slab?
Professional Tax in Karnataka
|Monthly salary (in Rs.)||Tax (in Rs. Per month)|
|Up to Rs.14,999||Nil|
|More than 15,000||Rs.200|
Is professional tax deducted every month?
When is professional tax deducted? If you are a salaried individual, then as mentioned under Article 276(2) of the Indian Constitution, your employer will deduct the professional tax based on your salary slab from your gross income every month. It will then be remitted to the state.
Is professional tax and TDS same?
TDS amount is like advanced Tax. Professional tax is collected by state government. Most of the state collect this. You may work in any organisation , but practicing your profession you are paying tax to the state government.
Can I claim professional tax?
The amount of professional tax collected does not exceed Rs. 2500 per annum. Under Section 16(iii), a deduction from salary can be claimed by the taxpayer on account of professional tax paid. The deduction for professional tax will be allowed in the year in which the tax is actually paid by the employee.
Can professional tax be refunded?
You cannot get your professional tax back. But you can claim deduction of profession tax file filing your salary returns. There is generally no refund mechanism under professional tax. However, if the payment is made inadvertently then the professional tax act of the particular state shall mention the way to get it.
Who is eligible for PT?
According to the Professions, Trades, Callings and Employment Act 2000, all professionals who are earning their income by carrying out their practice in a chosen specified field, such as a doctor, chartered accountant, medical professional, technology expert, lawyer, or more, are entitled to pay professional tax.
Is professional tax part of CTC?
Professional Tax is a statutory and mandatory deduction which is made from employee’s monthly salary. Professional \tax is deducted from the stipend of the trainee also. Hence you cannot claim it as a part of your CTC but yes, it is mandatory deducted by the company.
How can I register for professional tax in Maharashtra?
Procedure for Registration of Professional Tax in Maharashtra. Go Online- First the applicant has to go online to the website https://www.mahagst.gov.in/en (Department of Goods and Service Tax). Then the applicant has to click on Other Acts Registration’.
How can I reduce my professional tax?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
What are the professional tax slab rates in Maharashtra?
Professional Tax Slab Rates in Maharashtra. For Financial Year 2018-19. Monthly Salary Professional Tax Levied (Per month) Up to Rs. 7,500: Nil: Rs. 7,501 to Rs. 10,000: Rs. 175 : Above Rs. 10,000 Women who earn salary up to Rs. 10,000 per month are exemp
What are the PT charges under Maharashtra state tax on professions?
Compliance under Maharashtra State Tax on Professions, Traders Callings and Employments Act 1975: Every employer not having employees, should only pay annual PT charges of Rs.2500/- on or before 31 st March every year.
When did the Profession Tax Act come into effect in Maharashtra?
Slab of Profession Tax Rates 5. Compliance under the act 6. Penal Provisions 1. Profession Tax Enrollment Certificate (PTEC) – 2. Profession Tax Registration Certificate (PTRC) – The act is applicable to whole state of Maharashtra and has came into effect from 1 st April 1975.
What is the maximum amount of professional tax in India?
A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. According to Section 16 (iii) of the Income Tax Act 1961, the profession tax paid by an employee is allowed as a deduction from his/her gross salary income.