Professional tax deduction on salary
WebbPaying tax on professional tax isn't tax on tax. Recently I came to know that in new tax regime, professional tax which is already deducted from salary will not be exempted from income tax. But I dont understand the logic here, isn't it like we are paying tax on tax we already paid to government ?
Professional tax deduction on salary
Did you know?
Webb29 nov. 2024 · Tax Saving & Professional Tax . The Income Tax Act, 1961 allows professional tax paid by you as a deduction from your total salary income. So, you … WebbProfessional tax is a direct tax that is deducted from your gross salary by your employer. This tax is levied by the state government and thus can vary depending on the state you …
WebbSubscribe now. Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying taxes, garnishments and benefits, like health insurance. These withholdings constitute the difference between gross pay and net pay and may include: Income tax. Social security tax. 401 (k) contributions. Webb23 juni 2024 · Different states have varying methods of calculating professional tax. The maximum amount that is payable in a year is Rs. 2,500. Employers deduct professional tax, at prescribed rates, from the salary paid to employees, and pay it on their behalf to the State Government. The revenue collected is used towards the Employment Guarantee …
Webb25 maj 2024 · How is professional tax calculated on salary? Professional tax is calculated every month based on your gross salary for that month. Say your CTC is Rs. 50,000 per month, and after deduction of your EPF, gratuity, and leave deduction or payment towards any loan you may have taken from the company in the past, your gross salary comes to … Webb9 feb. 2024 · 15%. Rs.12,00,000 – Rs.15,00,000. 20%. Above Rs. 15,00,000. 30%. While the new regime offers lower income tax rates, the following conditions should be met in order to be eligible for payment of income tax as per the new (concessional) income tax slab rates: The total income of the individual or HUF should not include business income.
Webb20 nov. 2013 · Professional Tax deducted need to be submitted on time. Professional Tax is always on earned income. So it should based on 15days income. Kindly note that the Professional Tax is applicable on the basis of earnings. In case of you are in Maharashtra then Monthly salary is Rs.8000 for 15 days it will be Rs 4000.
WebbNote: Professional Tax is calculated based on the frequency set at the Business Group level, and deducted monthly from the employee's salary. Professional Tax deductions are predefined for Andhra Pradesh, Gujarat, Maharastra, Karnataka, Madhya Pradesh, Kerala, two corporations in Tamil Nadu (Chennai and Coimbatore) and Telangana. cow bells from switzerlandWebb15 feb. 2024 · Maximum Profession Tax Amount A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. Profession Tax Is Deductible Under … dishwasher top rack adjustableWebbIncome of the such person, Deductions / Exemptions and Tax Deducted at Source for the purpose of Computing Tax Payable / Refundable 3. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary dishwasher top or front controlsWebbThe individual or HUF taxpayer may claim a deduction of up to ₹100,000 if the elderly person for whose benefit the costs were incurred. Up till FY 2024–18, a senior citizen and a super senior citizen may each claim a deduction of ₹60,000 and ₹80,000. dishwasher top rack keeps rolling forwardWebbCalculate professional tax on salaried income for any state in India. From Bengal to Maharashtra, Gujarat to Kerala, we have covered all the states. Sorry, you have … cowbell specialty insurance companyWebbför 2 dagar sedan · Hengqin officials told a press conference on Tuesday that the zone wanted to attract professionals in the areas of scientific research and development, technology, high-end manufacturing, Traditional Chinese Medicine, finance and more. Eligible individuals would only be taxed at the rate of 15 percent a year, officials said. … dishwasher top rack accessoriesWebb30 jan. 2024 · Potential taxes at the time of a pay-out (annuity or lump-sum) should also be considered, especially if the potential pay-out happens while resident in another country. Real estate costs. A deduction can be claimed on the tax return for maintenance costs for self-owned real estate (actual or lump-sum). Bank charges cowbell shirt