Corporate Tax Advisory
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Activity:
Question posted: 10 29 2008 18:15:37 +0000,
11 answers, 27487 views, last activity
06 13 2011 07:12:01 +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
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.
Professional Tax is one kind of tax that is depend on your profession. As example if you are a employers you and your company have to pay tax. If you are a employees you also pay tax on your profession.This is for state government revenue.
That slab depend on state govt that means as per state G.O.
In Andhrapradesh slab is like that upto income rs. 4999/- prof tax is nil.
upto 5000- 6000 is 60
upto 6000- 10000 is 80
upto 10000- 15000 is 100
upto 15000- 20000 is 150
above20000 is 200
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