Professional tax from 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 … WebbWhat is the Professional Income Tax Limit? The professional tax was introduced in 1949. At that time, the limit for this tax was set at Rs.250. However, in 1988, the limit was increased by Rs.2500. The exact liability, however, depends on the employee’s income slab and state of employment.
Professional tax from salary
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WebbProfessional Tax. Tax on Profession, trade, calling and employment. 1) "Employee" means a person employed on salary and includes, 1) a Government servant receiving pay from … Webb9 feb. 2024 · Professional Tax Slab. The rate of professional tax varies from one state to another. However, the limit has been set to Rs. 2500 per year as per Article 276 of the Constitution. Therefore, each state declares a slab, and the tax is deducted on the basis of these slabs. Here are some illustrative Profession Tax slabs in a few states: Maharashtra.
WebbThe employee and the employer contribute at least 12% of the basic salary and dearness allowance every month. At the time of your retirement, you’ll be able to withdraw the whole amount. Gratuity is the amount your employer pays at the time of retirement for the services you had rendered during your employment. WebbProfessional tax deducted from the salary of employee is to be allowed under section 16(iii) of Income Tax Act, 1961 at the time of computing income under the head salary A professional carrying out a profession such as a chartered accountant, company secretary, lawyer, doctor, engineer etc. is required to pay the tax according to the monetary …
Webb4 apr. 2024 · A Detailed Guide to Professional Tax Registration Certificate (PTRC) Updated on April 5, 2024 , 71 views. According to the notification, professional taxpayers will have to jointly pay the professional tax Registration Certificate (PTRC) on each state's authority's official website of the Goods and Services Tax Department. If you look at your pay stubs, … Webb10 apr. 2024 · Replied 10 April 2024. Yes, you can declare the income u/s. 44ADA, if your profession is eligible for the scheme, as your total receipts are 48 lakhs, which is within the prescribed limit. You don't need to add salary income to your professional income for such eligibility. Online classes for CA CS CMA, Professional courses for GST, Accounts ...
WebbFör 1 dag sedan · The assessee is not entitled to a deduction under section 80IB of the Income Tax Act, 1961 for the profit generated by the Duty Entitlement Pass Book (DEPB) and Duty drawback, according to the two-judge bench of Justice M.R. Shah and B. V. Nagarathna of the Supreme Court of India.. The assessee M/s Saraf Exports, a …
Webbför 34 minuter sedan · As a freelance professional in India, filing your Income Tax Return (ITR) is slightly different from salaried individuals, but the tax rates remain the same. You will need to submit either ITR-3 or ITR-4, depending on your income from business or profession. Since the Assessment Year (AY) 2024-18, freelancers can opt for … crystal pictures to colorWebb24 jan. 2024 · The professional tax amount will be deducted from the salary of the employee In the case of 20-plus employees, the payment should be made within 15 days from the month end If there are less than 20 employees, payment should be made every quarter of the year crystal pierce facebookWebb13 apr. 2024 · Pay estimated taxes. ... When DIY Won’t Do: 3 Instances, When Hiring a Tax Relief Professional is the Only Way to Go Aug 12, 2024 Explore topics Workplace Job ... crystal picture frame ornamentsWebb21 sep. 2024 · Introduced in 1949, professional tax is a direct tax deducted from earning individuals’ salary or wages by the employer. Just like in any other deductions, such as tax deducted at source... crystal piercer calamityWebbDealers / Taxpayers “enrolled” under Professional Tax Act are required to pay Rs. 2500/- annually by 30 th of June each year. Professional Tax can be paid online through the … dyer injury attorneyWebb19 aug. 2024 · Form 1 - Application for registration (for employers) Fillable PDF. Form 3 - Application for certificate of registration (for Person) Fillable PDF. Form 5 - Certificate to be furnished by person to his employer Fillable PDF. Form 7 - Return (for employer) in Excel. Form 9 - Return (for Persons) Fillable PDF. crystal pieces wholesaleWebbPaying 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 ? crystal pictures to make