Corporate Tax Advisory
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Activity:
Question posted: 10 29 2008 18:15:37 +0000,
13 answers, 36325 views, last activity
04 05 2013 08:18:57 +0000
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Do let me know do also what are the components I have to take into
consideration in the salary break-up for the professional tax
calculation?
Is there any formula to calculate the professional tax?
The professional tax rates differs from State to State. It is a State tax. There is no web site for it which covers all the states rates.
Karnataka:
Employees whose monthly salaries or Number of Rate of Tax Cess Amount of Tax
wages or both are employees per month Deducted
A. Rs.3,000/- to Rs.4,999/- Rs. 30.00
B. Rs.5,000/- to Rs.7,999/- Rs. 60.00
C. Rs.8,000/- to Rs.9,999/- Rs.100.00
D. Rs.10,000/- to Rs.14,999/- Rs.150.00
H. Rs.15,000/- & Above Rs.200.00
Professional Tax in Tamil nadu. (Yearly two times= Tax once in 6 months)
6 months income (Rs.)---- Tax (Rs)
21,001 – 30,000 ----------------- 75
30,001 – 45,000 ----------------- 188
45,001 – 60,000 ----------------- 390
60,001 – 75,000 ----------------- 585
75,001 and above ----------------810
Based on budget tax changes & income tax changes also it will differ from state to state
Is the tax need to be deducted every month and paid half-yearly (in Tamil Nadu)?
Can anyone elaborate..?
Does it mean that Rs. 100*6= 600 need to be paid in Oct and April every year.?
if i am working on contractual basis, then also its compulsory or not???
Professional tax are imposed on the Incomes of professional peoples like C.A., Teacher/Lecturer, Lawyer, Doctor, Businessmen etc.
Regarding Income tax, so it is imposed on the income of individuals or businesses.
Regards,
Manoj
CICBMS.
I too have the same question. is professional tax and income r same ??? or both r different.
Deara Sir,
I have more confusion to understand about "Ptax" Professional tax,what is process about ptax,Employee and Employeer Both ,
Hi It is correct that it is a tax charged by the state government. It is nothing but a source of revenue to the government. As you know everyone earning the income more than the exempted income as per income tax pays the tax same way every government has defined the slabs their own. It is like that tax on your income. It is income based hence to know the amount of tax you have to refer the slabs defined by the government. To know the rates toy can refer the Sales tax sites of respective State Government. The logic is that you are doing a certain kind of vocation hence it the tax on the facility provided by the government. It is payable by every person even if you are a salaried person or in business. For the person that means person it is based on the income earned by him in the last year.
on what amount professional tax should be calculated Basic salary or gross salary
It is a tax charged by the state government and it varies from state to state. The employee has to pay the professional tax to the state government each month and need to submit the amount in the Local Municipality office by the employer.
Deepak-TCI
It is a tax collected by State Govt...for practising your profession. It gets deducted from your salary!!!!
it is tax on profession paid to Tamil nadu Govt.
Table
| Sl. No. | Six months income (Rs.) | Old Tax (Rs) | New Tax (Rs) |
| 1 | upto 21,000 | - | - |
| 2 | 21,001 – 30,000 | 75 | 100 |
| 3 | 30,001 – 45,000 | 188 | 235 |
| 4 | 45,001 – 60,000 | 390 | 510 |
| 5 | 60,001 – 75,000 | 585 | 760 |
| 6 | 75,001 and above | 810 | 1095 |
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