This registration is mandatory for business whether they employ any people in employment or not. Every registered business with Enrollment Certificate shall pay tax every year before 30th of April at the specified rates. The rate of Employer Professional Tax for Company, LLP and Partnership is Rs.
Levied under Article 276(2) of the Indian Constitution, Professional Tax is deducted by the employer from the salaries of employees every month and remitted to the state; the maximum amount that can be levied annually under this head is Rs 2,500.
Professional Tax Karnataka
| Monthly Salary | Professional Tax deduction per month |
|---|
| Up to Rs. 15,000 | Nil |
| Rs. 15,001 & above | Rs. 200 |
50,000 in the previous year, the due date for payment of professional tax (PT) is March 31. 2. In the case of tax liability of more than Rs. 50,000 per month, the due date is the last day of the month for which the return is being filed.
Levied under Article 276(2) of the Indian Constitution, Professional Tax is deducted by the employer from the salaries of employees every month and remitted to the state; the maximum amount that can be levied annually under this head is Rs 2,500.
The maximum amount of
professional tax that can be levied is Rs. 2,500 per year.
Gujarat Professional Tax Slab Rates:
| Monthly Income of the TaxPayer | Professional Tax Amount Payable |
|---|
| For salary between Rs.6,000 to Rs.8,999 | Rs.80 |
| For salary between Rs.9,000 to Rs.11,999 | Rs.150 |
| For salary of Rs.12,000 and above | Rs.200 |
Procedure of registration : The first step is to get registered as a 'payee' of professional tax in the local Professional Tax Office under the respective State's Act. When it comes to employees however, it is the duty of the employer to deduct Professional Tax.
A step-by-step guide on how to pay professional tax
- Highlights.
- Locate the professional tax website for your state.
- Fill the professional tax payment form carefully.
- Verify the information and pay professional tax online.
- You can also pay this tax at the district sales tax office.
Cancellation of professional tax reg.no.
- Online login into the account make the cancellation Application.
- Take the print out of Acknowledgement.
- Submit the following document in department.
- After submitting all the documents department will cancel the certificate in 30 days, you can check the status online.
Professional Tax is a State-level tax levied on professions and trades in India that has to be paid by every member of staff employed in private companies. Note: Registration certificate is applicable if only if the salary or wages paid to anyone or more employees exceeds Rs. 5000/- per month.
If you wish to make the payment via cheque, make the cheque in favour of "Income Tax Department." 4. Bank official will take the money and challan from you and give you a receipt by tearing off a portion of the challan, filling in details of payment and stamping it.
Every business entity in Karnataka shall obtain the Employer Registration - Certificate of Enrollment (EC) from the Profession Tax Officer within Thirty days from the date of commencement business. This registration is mandatory for business whether they employ any people in employment or not.
A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection.
Calculate Taxable Income on Salary?
| Net Income | Income Tax Rate |
|---|
| Up to Rs.2.5 lakhs | Nil |
| Rs.2.5 lakhs to Rs.5 lakhs | 5% of (Total income – Rs.2.5 lakhs) |
| Rs.5 lakhs to Rs.10 lakhs | Rs.25,000 + 20% of (Total income – Rs.5 lakhs) |
| Above Rs.10 lakhs | Rs.1,12,500 + 30% of (Total income – Rs.10 lakhs) |
Professional tax deduction on gross salary or net salary. 22 September 2016 No.his gross salary received is 500 so no Professional Tax is to be deducted.
It is a source of revenue for the government. The maximum amount payable per year is INR 2,500 and in line with tax payer's salary, there are predetermined slabs. It is mandatory to pay professional tax. The tax payer is eligible for income tax deduction for this payment.
Gross salary is the term used to describe all of the money you've made while working at your job, figured before any deductions are taken for state and federal taxes, Social Security and health insurance. If you work more than one job, you'll have a gross salary amount for each one.
As the very names suggest, professional tax is a tax on profession (which may include any occupation, trade, calling or employment), Income Tax is a levy on Income only. While Income Tax is necessarily a central tax, professional tax can be levied by state governments only.
Registration is not compulsory but you have to paid the tax as per regime mention under the law it may be 500 to 1000 rs max in your case jharkhand professional tax list is given in the portal itself.
There are a few categories and people and categories that get benefit of tax exemption: Senior citizens are exempt from professional tax. Parent of a mentally challenged child is exempt from this tax. Persons or parents of children suffering from physical disability are exempt from paying professional tax.
Majority but not all of the Indian states impose profession tax. While states like Karnataka and Maharashtra have profession tax, there is no such tax applicable in Delhi and Haryana.
Maharashtra Professional Tax Slab Rate 2015-16:
| Monthly Gross Salary | Amount Payable as Professional Tax |
|---|
| Up to Rs. 7,500 | Nil |
| Rs 7,501-Rs 10,000 | Rs. 175 |
| Above Rs. 10,000 | 2,500 p.a. The payment is accepted in the following method: Rs. 200 per month except for the month of February. Rs. 300 for the month of February. |
A gratuity fund is a part of the salary an employee receives from his/her employer in gratitude for the work the employee does for the company. Gratuity is a defined benefit plan and is mostly a retirement benefit offered by the company to the employee upon leaving his/her job.
