Table of Contents
- 1 How much is professional tax in MP?
- 2 How much professional tax is deducted from salary in MP?
- 3 What is employee professional tax?
- 4 What is the criteria for professional tax?
- 5 What is current slab rate in income tax?
- 6 What is professional tax Maharashtra?
- 7 What are the different slabs of professional tax?
- 8 What is the limit of professional tax in India?
How much is professional tax in MP?
Madhya Pradesh
| Act | The Madhya Pradesh Vritti Kar Adhiniyam, 1995 | |
|---|---|---|
| Upto 225000 | ₹ 0.00 | Nil |
| Between 225001 To 300000 | ₹ 1500.00 | INR 125 Per Month |
| Between 300001 To 400000 | ₹ 2000.00 | INR 166 Per Month For 11 Months And INR 174 For 12th Month |
| Above 400001 | ₹ 2500.00 | INR 208 Per Month For 11 Months And INR 212 For 12th Month |
How much professional tax is deducted from salary in MP?
Professional Tax Slab Rate in Madhya Pradesh:
| Monthly Salary/Income | Professional Tax Levied |
|---|---|
| Up to Rs.18,750 | Nil |
| Rs.18,751 to Rs.25,000 | Rs.125 |
| Rs.25,001 to Rs.33,333 | Rs.167 |
| Rs.33,334 and above | Rs.208 for 11 months and Rs.212 for the last month |
What is employee professional tax?
It is a tax on all kinds of professions, trades, and employment and levied based on the income of such profession, trade and employment. It is levied on employees, a person carrying on business including freelancers, professionals, etc., subject to income exceeding the monetary threshold if any.
Who is responsible for professional tax in MP?
Every person engaged in any profession, trade, calling or employment and falling under one or the other of the classes mentioned in the second column of the Schedule shall be liable to pay to the State Government tax at the rate mentioned against the class of such persons in the third column of the said Schedule.
Is professional tax applicable in Tamilnadu?
Tamil Nadu is one of the states in India which collects professional tax from the working individuals in the state. The tax is also applicable for professionals like chartered accountants, lawyers, doctors, etc.
What is the criteria for professional tax?
Your monthly gross income corresponding to the income slabs put forward by the state in which you are employed determines the amount you have to pay as professional tax. So, if your gross income every month is Rs. 30,000 and you are working in Maharashtra then you are liable to pay Rs. 200 every month except February.
What is current slab rate in income tax?
12,500 + 20% of total income exceeding 5,00,000. Above 10,00,000. 1,12,500 + 30% of total income exceeding 10,00,000. Income Tax Slab. Senior Citizens (aged 60 years but less than 80 years)
What is professional tax 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. |
Which is the tax slab in Madhya Pradesh?
This tax of Madhya Pradesh depends on the tax slab rate prevalent in Madhya Pradesh. Professional Tax: Professional tax is the tax levied by the Government of India on individual earning income from salary or professionals such as doctors, lawyers, accountants.
Which is the professional tax rate in Madhya Pradesh?
The tax slab rate is different for each year. Given below is the revised professional tax slab rate for Madhya Pradesh for the year 2018-2019. Professional Tax Amount of Rs. Rs. 208 For 11 months and Rs. 212/- for the Twelfth Month.
What are the different slabs of professional tax?
Professional Tax (PT) Rates and Slabs vary from State to State. Few of the States do not levy PT. Union Territories also do not levy Professional Tax. If playback doesn’t begin shortly, try restarting your device.
What is the limit 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. Following are some of the Indian states and union territories where professional tax is applicable: