Who are covered under MP professional tax?
Every person engaged in any profession, trade, calling or employment and falling under one or the other of the classes mentioned in the second column of the Schedule shall be liable to pay to the State Government tax at the rate mentioned against the class of such persons in the third column of the said Schedule.
How is professional tax 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….Professional tax slabs.
| State | Gross monthly salary (Rs.) | Tax per month (Rs.) |
|---|---|---|
| Gujarat | 12,000 and above | 200 |
| Maharashtra | 10,000 and above | 200 (300 for February) |
What is the section of professional tax?
Section 16 (iii)
Professional tax is deducted under Section 16 (iii) of the Income Tax Act, 1961. According to this section, the professional tax that an employee pays is allowed as a deduction from their gross salary while filing their income tax returns.
What is professional tax and TDS?
Profession Tax Rates in Key States of India
| State | Income per Month | Tax Rate/Tax Amount (p.m.) |
|---|---|---|
| Karnataka | Up to Rs. 15,000 | Nil |
| Rs. 15,001 onwards | Rs. 200 | |
| Kerala (Half yearly income slabs and half yearly tax payment) | Up to Rs.11,999 | Nil |
| Rs.12,000 to Rs.17,999 | Rs.120 |
How can I get professional tax back?
Professional tax is paid at the end of month presuming that you have carried out the profession in that month. Therefore once professional tax is paid, there can be no refund. There is generally no refund mechanism under professional tax.
What is PT person registration?
Overview – Professional Tax Employer Registration Profession Tax (PT) is a tax levied on the employment and Profession by respective State Government in India. In Karnataka, Profession Tax is levied under the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976.
Why do we pay professional tax?
Professional tax one source of revenue for the government and is used towards bettering the services for professionals in that state. Thus, it is essential for every employer to deduct professional tax on salary, although there are a few exemptions related to this. Professional tax in India varies from state to state.
Can I save professional tax?
The maximum amount of professional tax that can be levied by a state is Rs 2,500. It is usually deducted by the employer and deposited with the state government. In your income tax return, professional tax is allowed as a deduction from your salary income.
Is professional tax is refundable?