Professional tax on employees salary
The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just not the tax levied only on professionals. Professional tax is a tax on all kinds of professions, trades, and employment and levied based on the … Visa mer Professional tax being levied by the State Government, is different in different states. Every state has its own laws and regulations to govern professional tax of that … Visa mer Professional tax is collected by the Commercial Tax Department. The commercial tax department of the respective states collect it which ultimately reaches … Visa mer This is again a State-specific query. However, in general, a professional tax may be paid either online/offline. Further, depending on the State’s requirement, … Visa mer While the actual amount of penalty or penal interest may depend on the respective State’s legislation, a penalty may be levied by all such states for not registering … Visa mer Webb9 apr. 2024 · A: Professional tax is levied under Article 276 (2) of the Indian Constitution. The employer deducts it from the salaries of the employees. It is then remitted to the respective state governments. The maximum amount of professional tax payable by an individual is Rs. 2500. 3.Does it fall under direct taxation?
Professional tax on employees salary
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Webb22 dec. 2016 · Now, if it is applicable in the State, 1) it can be deducted from the salary and remitted to tax authorities; or 2) without deducting from salary, it is employer's responsibility to remit applicable PTx to tax authorities. Tax authorities are not concerned whether it was deducted from salary or not, they only concern about the remittance. WebbPersons who are engaged in a profession, trade, calling or employment either wholly or partly within the Province of the Punjab, who were assessed to pay income tax during the preceding financial year PKR. 200/-
WebbWhat is the Professional Income Tax Limit? The professional tax was introduced in 1949. At that time, the limit for this tax was set at Rs.250. However, in 1988, the limit was increased by Rs.2500. The exact liability, however, depends on the employee’s income slab and state of employment. Webbför 34 minuter sedan · Decoding Taxation of Perquisites: Here’s How to Restructure Your Salary for Better Income Tax Savings; April 15, 2024; Perquisites, also known as perks or fringe benefits, are additional benefits or advantages that an employee receives from their employer in addition to their salary or wages.
Webb19 dec. 2024 · An employee is eligible for a tax write-off for professional taxes in the year that the taxes are paid. Unpaid professional taxes are not eligible for compensation reduction. Starting with the 2024–20 tax year, taxpayers can deduct from their taxable salary the greater of Rs. 50,000 or their actual taxable salary. Webb15 sep. 2024 · The national average salary for a Tax Professional is $40,600 per year in United States. Filter by location to see a Tax Professional salaries in your area. Salaries …
Webb1 mars 2024 · If Mr Bajaj (non-government employee) has a salary of Rs. 25,000 per month with DA of Rs. 4500 per month, entertainment allowance of Rs. 2250 per month and pays Rs. 3500 towards professional tax, then his taxable income would be calculated as follows:
Webb9 apr. 2024 · If you are a salaried individual, the profession tax will be automatically deducted from your salary and the aggregate tax shall be paid by the employer. In the case of non- salaried individuals, it can be paid online. 2. Professional Tax Slab Rates The latest profession tax slab rates as prescribed by the Government of Maharashtra are as follows severe amountWebbThere are a fixed income tax slab rates in India based on the annual income of individuals of India, in India up to 250000 Rs annual income there is no need to pay income tax. But in case of professional tax every salaried individual who are getting salaries under prescribed professional tax slab should need to pay the professional tax. the tragedy of macbeth clipsWebb24 mars 2024 · Professional tax or tax on employment is a tax levied by a state, just like income tax which is levied by the central government. The maximum amount of … severe and hazardous weather 4th editionWebb29 okt. 2024 · The professional tax amount has to be deducted from the salary of the employee In the case there are 20-plus employees, the payment must be made within the period of 15 days from a month If there are less than 20 employees, payment must be made every quarter of the year severe anaphylactic shockWebbEvery person liable to pay this Tax (either on his own behalf or on behalf of its employee) shall apply for Professional Tax Registration in the prescribed form with the prescribed authority. ... The Professional Tax Slab Rates on Salary and Wages in Maharashtra are as follows:-Monthly Salary: Amount payable in Maharashtra: Less than Rs. 7500: Nil: severe altitude sickness symptomsWebb28 mars 2024 · If it is paid by employee, It is not included In Total Income as no money is received from employer .It is only allowed as deduction Note:- If professional tax is due but not paid, then not allowed as deduction Question 1 Basic salary = Rs. 20000 per month Professional tax = Rs. 500 per month severe and hazardous weather uiucWebb895 Download CBDT Circular No. 04/2024 dated 05.04.2024 on TDS from Salary u/s 192 by Employer under default new tax regime u/s 115BAC in PDF format severe alzheimer\u0027s disease late stage