Table of Contents
- 1 How much is professional tax in MP?
- 2 Is professional tax applicable in Madhya Pradesh?
- 3 How is PT salary calculated?
- 4 Can professional tax be claimed back?
- 5 What is the criteria for professional tax?
- 6 What is the rule for professional tax?
- 7 What is PT in salary slip?
- 8 Can I avoid professional tax?
- 9 Which is the professional tax rate in Madhya Pradesh?
- 10 Which is the new tax slab in Madhya Pradesh?
- 11 Which is the new rate of professional tax?
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.
What is the interest rate for professional tax?
1.25% per month
Professional Tax in Karnataka For late payment of Professional Tax in Karnataka, Interest @ 1.25% per month would be levied and a maximum penalty of 50% of the Total Amount due may also be levied by the Karnataka authority.
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.
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.
What is current slab rate in income tax?
5% 5% ₹5,00,001 – ₹ 7,50,000. ₹12500 + 10% of total income exceeding ₹5,00,000. ₹12500 + 20% of total income exceeding ₹5,00,000.
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 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.
What is due date of professional tax return?
If an employer has employed more than 20 employees, he is required to make the payment within 15 days from the end of the month. However, if an employer has less than 20 employees, he is required to pay quarterly (i.e. by the 15th of next month from the end of the quarter).
What is PT in salary slip?
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. Professional tax is a state-specific tax. Each state will have separate PT rates.
Can I avoid professional tax?
The following individuals are exempted to pay Professional Tax: Parents of children with permanent disability or mental disability. Members of the forces as defined in the Army Act, 1950, the Air Force Act, 1950 and the Navy Act, 1957 including members of auxiliary forces or reservists, serving in the state.
What is the income tax slab for 2020/21 in India?
Income tax slab rate applicable for New Tax regime – FY 2020-21.
| Income Tax Slab | New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF) |
|---|---|
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 10% |
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 15% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 25% |
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.
Which is the new tax slab in Madhya Pradesh?
Professional Tax slab in Madhya Pradesh have been revised in State Finance Budget 2018. New rates of professional tax (PT) deduction will be applicable w.e.f. 01.04.2018 Professional Tax or PT is a tax imposed by state governments on salaried employees and businesses.
Which is the applicable rate of VAT in Madhya Pradesh?
The applicable rate of entry tax in respect of the subject goods will be the rate at which these goods are liable to VAT under the Madhya Pradesh VAT Act. Further, entry tax liability will be only on those persons in whose hands the subject goods have not suffered tax under the Madhya Pradesh VAT Act.
Which is the new rate of professional tax?
New rates of professional tax (PT) deduction will be applicable w.e.f. 01.04.2018 Professional Tax or PT is a tax imposed by state governments on salaried employees and businesses. Responsibility of the deduction and payment of employee’s PT lies with the employer.