How is professional tax calculated?
How Professional Tax is 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 interest calculated?
How is PT calculated in Karnataka? In Karnataka, professional tax is calculated on the total income. That is before deducting PF (Provident Fund), ESIC(Employees’ State Insurance Corporation), etc. If this amount exceeds INR 15,000 per month, then an individual is liable to pay INR 200 as tax.
How does excel calculate PT?
THERE ARE AROUND 500 EMPLOYEES IN THE COMPANY AND THE PROFF TAX SLAB IS AS FOLLOWS SALARY UPTO 3000 NO PT, FROM 3000 TO 3500 PT = 60 RS, FROM 3501 TO 5000 PT=120, FROM 5001 TO 10000 PT=175 RS, ABOVE 10000 PT=200. I HAVE TO FEED THE PT DEDUCTED FROM THE SALARIES IN AN EXCEL SHEET CONTAINING THE LIST OF 500 EMPLOYEES.
Is professional tax calculated on basic salary?
When is professional tax deducted? If you are a salaried individual then as mentioned under Article 276(2) of the Indian Constitution, your professional tax will be deducted by your employer based on your salary slab from your gross income on a monthly basis and it will then be remitted to the state.
Can I claim professional tax?
Professional tax or tax on employment is a tax levied by a state, just like income tax which is levied by the central government. The maximum amount of professional tax that can be levied by a state is Rs 2,500. In your income tax return, professional tax is allowed as a deduction from your salary income.
What is PT deduction in salary slip?
Professional Tax: All You Need to Know. When you take a look at your payslips, you will notice a small deduction mentioned on it, along with the other components like HRA, conveyance and basic salary break ups. This deduction is usually around Rs. 200 and is termed as professional tax.
How to calculate professional tax for your state?
In order to calculate professional tax, you will need to first consider if professional tax is applicable in your state. You can then look at your state’s professional tax slab and determine your tax amount. This must be done keeping your salary amount in mind.
What do you need to know about professional tax?
So what is Professional Tax? Professional Tax is a state tax, imposed by a state government on account of the infrastructure it provides to you so that you can carry out your profession in that state. In a way, it is much like a toll bridge; if you use the facility, you must pay a token amount.
Where can I find a professional tax deduction?
What is professional tax? 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.
Do you have to pay tax to a tax consultant?
As is the case with all types of taxes, the rules governing Professional Tax can vary over time, and it is advisable to check the current rules from a tax consultant before paying Professional Tax. One can also register for Professional Tax payment online .
