What is the profession tax rate in Maharashtra?
Professional Tax Slab Rates in Maharashtra 2020-21
| Monthly Gross Salary | Amount Payable as Professional Tax |
|---|---|
| Up to Rs.7500 | Nil |
| Rs. 7,501 to Rs.10000 | Rs. 175 per month |
How is profession tax calculated?
A professional tax is calculated on the basis of your salary and predetermined slabs. You can have to pay anything between ₹ 200 to ₹ 2500 a month.
How is PT salary calculated?
How it is paid is by dividing the annual professional tax due into 12 equal installments that are paid every month, except the one paid in February which is higher than the other months.
Which is exempt from professional tax?
government shall be exempt from the payment of this tax (e) Any person subject to the professional tax shall write in deeds, receipts, prescriptions, reports, books of account, plans and designs, surveys and maps, as the case may be, the number of the official receipt issued to him.
What is the limit for professional tax?
Rs.2,500 annually
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.
How much professional tax is deducted from salary in Maharashtra?
Profession Tax Rates in Key States of India
| State | Income per Month | Tax Rate/Tax Amount (p.m.) |
|---|---|---|
| Maharashtra | Up to Rs. 7,500 | Nil (for male) |
| Up to Rs. 10,000 | Nil (for female) | |
| From Rs. 7,500 to Rs. 10,000 | Rs. 175 (for male) | |
| Rs. 10,000 onwards | Rs. 200 for 11 months + Rs. 300 for 12th month |
What is PT deduction?
When you look at your payslip or salary slip, along with the deduction column, you will notice a deduction marked as “PT”. PT or Professional Tax, as it is called, is a tax paid to the state government.
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 are the professional tax slab rates in Maharashtra 2020-21?
Professional Tax Slab Rates in Maharashtra 2020-21 Monthly Gross Salary Amount Payable as Professional Tax Up to Rs.7500 Nil Rs. 7,501 to Rs.10000 Rs. 175 per month Above Rs. 10000 Rs. 2,500 p.a. The amount is can be paid
Who is eligible for professional tax in Maharashtra?
Who pays professional tax in Maharashtra? Professional tax are applicable for both salaried and self-employed professionals who earn income working in government and private organizations and any other modes of employment. Professional tax is subject to a minimum limit of income and charged as per applicable slab rates of a state.
What is the rate of Profession tax for dealers in Maharashtra?
If there is no previous year of such dealer, the rate of Profession Tax shall be Rs 2,000. The expression “turnover of Sales or purchases” shall have the same meaning as assigned to them, respectively, under the Maharashtra Value Added Tax Act, 2002 (Mah IX of 2005)
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.