Hi
Can any one help m eby explaining how Professional tax is calculated.
I was able to find the professional tax rates through browsing but i am confused when i see the PT dedcution in my payslip.
Rates:
21000- 30000=Rs.60
30001 to 45000=Rs.150
45001 to 60000=Rs. 300
60001 to 75000= Rs. 450
Above 70001=Rs.600
I just want to know whether the deduction amount is for halfearly or monthly. For Eg: If my halfyearly earnings is Rs.50000 will the deduction be Rs.300 for 6 months or Rs.300 deduction montly.
When i come across the payslip of the staff i find that the Professional Tax dedcuted differs from one month to other, so please help me out in calculating monthly Professional Tax.
Regards
Krithika
From India, Coimbatore
Can any one help m eby explaining how Professional tax is calculated.
I was able to find the professional tax rates through browsing but i am confused when i see the PT dedcution in my payslip.
Rates:
21000- 30000=Rs.60
30001 to 45000=Rs.150
45001 to 60000=Rs. 300
60001 to 75000= Rs. 450
Above 70001=Rs.600
I just want to know whether the deduction amount is for halfearly or monthly. For Eg: If my halfyearly earnings is Rs.50000 will the deduction be Rs.300 for 6 months or Rs.300 deduction montly.
When i come across the payslip of the staff i find that the Professional Tax dedcuted differs from one month to other, so please help me out in calculating monthly Professional Tax.
Regards
Krithika
From India, Coimbatore
Hi Krithika,
Professional Tax is calculated on Gross Salary as per the Slab fixed by Govt.
If the Gross Salary is Less than Rs.3000/- pm P.Tax will be 0.
For a Salary band between Rs.3000/- and Rs.6000/- it will be Rs.20/- PM
For a Salary band between Rs.6000/- and Rs.9000/- it will be Rs.40/- PM
For a Salary band between Rs.9000/- and Rs.12000/- it will be Rs.60/- PM
For a Salary greater than Rs.12000/- it will be Rs.80/- PM
Regards,
Sree
From United States
Professional Tax is calculated on Gross Salary as per the Slab fixed by Govt.
If the Gross Salary is Less than Rs.3000/- pm P.Tax will be 0.
For a Salary band between Rs.3000/- and Rs.6000/- it will be Rs.20/- PM
For a Salary band between Rs.6000/- and Rs.9000/- it will be Rs.40/- PM
For a Salary band between Rs.9000/- and Rs.12000/- it will be Rs.60/- PM
For a Salary greater than Rs.12000/- it will be Rs.80/- PM
Regards,
Sree
From United States
Hi Sreekanth:
Thanks a lot for the reply can you also help me out in Income Tax calculation.
I see that the Income tax is deducted monthly from the employees for this year. My question is, how can they deduct income tax without knowing the actual amount earned by the employee for the year. Do they calculate income tax on assumption based on the gross salary?
Please clarify....
Regards,
Krithika
From India, Coimbatore
Thanks a lot for the reply can you also help me out in Income Tax calculation.
I see that the Income tax is deducted monthly from the employees for this year. My question is, how can they deduct income tax without knowing the actual amount earned by the employee for the year. Do they calculate income tax on assumption based on the gross salary?
Please clarify....
Regards,
Krithika
From India, Coimbatore
Hi Krithika,
Income tax is calculated based on present salary, what the employee earned and what they suppose to. You can ask all your employees to submit a declaration form which contains their investment plan for the current financial year and also ask them to submit proof for the same in Feb. Based on which you can give exemptions on your projected amount. Then calculate the income tax on remaining amount, deduct the amount equally from now onwards for higher income and if the amount can be deducted from one or two months salary then make the deduction in Feb. & March, after verifying the proofs submitted by the employee.
Will this help u.
Regards,
Sree
From United States
Income tax is calculated based on present salary, what the employee earned and what they suppose to. You can ask all your employees to submit a declaration form which contains their investment plan for the current financial year and also ask them to submit proof for the same in Feb. Based on which you can give exemptions on your projected amount. Then calculate the income tax on remaining amount, deduct the amount equally from now onwards for higher income and if the amount can be deducted from one or two months salary then make the deduction in Feb. & March, after verifying the proofs submitted by the employee.
Will this help u.
Regards,
Sree
From United States
Hi Krithika
PT is calculated on the fixed amount given by the corporateion of the concern metros in various states. Ie State to state the PT differs. Kirtika for which state your are asking about .
PT is paid twice a year March and sep .
Eg of calculations If As Gross is 4000/- Then multiply Rs 4000*6 months : which comes to 24000/-
PT Slab of chennai are as follows
Up to 21000 : NIL
21001 to 30000 75
30001 to 45000 188
45001 to 60000 390
60001 to 75000 585
75000 to > 810
Based on the given slab you have to deduct.
Basically PT can be deducted on monthly basic Or once in six months . But if you dedcut month wise that will be easy for you .
K.U. Ramesh
From India, Madras
PT is calculated on the fixed amount given by the corporateion of the concern metros in various states. Ie State to state the PT differs. Kirtika for which state your are asking about .
PT is paid twice a year March and sep .
Eg of calculations If As Gross is 4000/- Then multiply Rs 4000*6 months : which comes to 24000/-
PT Slab of chennai are as follows
Up to 21000 : NIL
21001 to 30000 75
30001 to 45000 188
45001 to 60000 390
60001 to 75000 585
75000 to > 810
Based on the given slab you have to deduct.
Basically PT can be deducted on monthly basic Or once in six months . But if you dedcut month wise that will be easy for you .
K.U. Ramesh
From India, Madras
I want to know whether you have mentioned the slabs according to salary is right.Bcos i want to know whether it differs according to States .In my current organization we deduct P. Tax in MUMBAI
If Salary
>10000 then 175
<10000 then 200
Pls advice
Regards
Dinesh Shankar
From India, Mumbai
2If Salary
>10000 then 175
<10000 then 200
Pls advice
Regards
Dinesh Shankar
From India, Mumbai
If u r a employee in TN ur PT will be deducted once in six months ie if ur six month total gross comes under this slab ur Tax will be 300 for six months
i think this will clarify ur doubt
Regards
Deepa SR
From India, Madras
i think this will clarify ur doubt
Regards
Deepa SR
From India, Madras
Hi, Can anybody send me the revised professional tax slab for chennai area. Think for the 2nd half tax which we have to pay by this month is revised.
From India, Madras
From India, Madras
Hai Krithika,
The professional tax varies from state to state, and all the rates are avialable with commercial tax officer. Kindly take the PT list of rate from CTO and then if any difference u have right to ask ur HR. You can log in ur state commercial Tax officer website.
From India, Telangana
The professional tax varies from state to state, and all the rates are avialable with commercial tax officer. Kindly take the PT list of rate from CTO and then if any difference u have right to ask ur HR. You can log in ur state commercial Tax officer website.
From India, Telangana
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New Rates of Professional Tax.doc
GO.82 4th Feb Professional Tax Rates Amended Rates (1).pdf