Table of Contents
- 1 How much is professional tax in MP?
- 2 Is professional tax applicable in Madhya Pradesh?
- 3 What is slab for professional tax?
- 4 Can professional tax be claimed back?
- 5 What is the criteria for professional tax?
- 6 What is PT in salary slip?
- 7 Who is liable for professional tax?
- 8 What is professional tax Tamilnadu?
- 9 Do you have to pay professional tax in Madhya Pradesh?
- 10 Which is the tax slab in Madhya Pradesh?
- 11 How is professional tax calculated in each state?
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 |
Is professional tax applicable in Madhya Pradesh?
Madhya Pradesh falls under the category of states that charge professional tax. The professional tax amount to be paid depends on the professional tax slab rate of the particular state.
How is PT salary 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. 2400.
What is slab for professional tax?
Professional Tax Karnataka Slabs
| Monthly Salary | Professional tax Applicable |
|---|---|
| Up to Rs.14,999 | Nil |
| More than 15,000 | Rs.200 per month |
Can professional tax be claimed back?
It may be noted that professional tax is a deductible amount for the purpose of Income-tax Act, 1961 and can be deducted from taxable income.
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 PT in salary slip?
Professional tax is a tax that is levied by the state government and applies to income you earn through employment. You can often find the deduction for the same on your salary slip each month.
What is the rule for professional tax?
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.
Who is liable for professional tax?
Individuals earning Rs. 10,000 or more per month are liable to pay the professional tax in Karnataka under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976. If you are a salaried individual having a salary more than Rs. 10,000 but less than Rs.
What is professional tax Tamilnadu?
Professional tax is a source of revenue for the government. The maximum tax amount payable is Rs. 2,500 per year and there are predetermined slabs for the tax rate. The owner of the business collects the tax and then pays it to the state government.
Who is exempt from professional tax?
Exemptions in Professional Tax Any individual of above 65 years. Members of the forces as defined in the Air Force Act, 1950, the Army Act, 1950 and the Navy Act, 1957 including members of auxiliary forces or reservists, serving in the state.
Do you have to pay professional tax in Madhya Pradesh?
Working professionals, traders and people employed in other places have to pay professional tax if their salary qualifies for it. The professional tax levied is collected by the state government of Madhya Pradesh and the tax levied depends on the professional tax slab rate of Madhya Pradesh.
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.
How much is the professional tax in India?
A: For individuals whose gross income is up to Rs. 15,000, there is no professional tax. For individuals with income ranging between Rs. 15,001 to Rs. 20,000, a professional charge of Rs. 150 per month is levied. For those earning above Rs. 20000, PT of Rs. 200 per month can be collected.
How is professional tax calculated in each state?
The amount of professional tax levied usually is a slab amount based on the gross income of the professional. The tax amount is deducted every month from the individual’s salary. Every state has a different tax slab and the amount is based on that tax slab.