6
Hi Rohini,
PT slabs are Upto Gross Rs 2,500 nil PT, Rs. 2501 to 3500 = PT 60Rs, Rs 3501 to 5000= PT 120Rs, Rs. 5001 to Rs.10000= PT Rs 175 & 10,001 onwards PT Rs. 200.
I hope this will help you.
Regards,
Pooja
From India, Pune
PT slabs are Upto Gross Rs 2,500 nil PT, Rs. 2501 to 3500 = PT 60Rs, Rs 3501 to 5000= PT 120Rs, Rs. 5001 to Rs.10000= PT Rs 175 & 10,001 onwards PT Rs. 200.
I hope this will help you.
Regards,
Pooja
From India, Pune
Income Tax - Income Tax Rates/ Slab 2005-06
The Income Tax slabs announced by our honourable Finance Minister, Mr. P. Chidambaram on 28th february' 05 in his Union Budget for the Financial Year 2005 - 06 are as under:
For the year 2005-06
Taxable income slab (Rs.) Rate (%)
1,00,000
1,35,000 (for women)
1,85,000 (for senior citizens) NIL
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge
Note : -
Surcharge of 10% for those whose taxable income is Rs 10 lakhs or more.
A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge.
Tax exemption on interest in Non-Resident (external) Account and on interest payable by a scheduled bank to Non-Resident Indians (NRI's).
Tax exemption on the interest payable by a scheduled bank to a non-resident or a person who is not ordinarily resident on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the RBI.
Standard deductions, as well as Section 88 and 80L has been abolished.
Section 88 i.e. Tax rebate to assessees in respect of insurance premium, PF contribution, PPF, NSC, etc. deleted. A new Section 80C introduced which allows a deduction from income of up to Rs 1,00,000 in respect of insurance premium, PF contributions and other schemes which were hitherto under Section 88.
In respect of educational loans taken for pursuing higher studies, the deduction shall be allowable only in respect of interest payment.
To encourage pursuit of higher education, the interest outflow would be eligible for deduction for a period of 8 years without any ceiling. Repayment of the principal amount would no longer be eligible for deduction.
Rebate of Rs 5,000 has been wiped off for women and rebate of Rs 20,000 from tax has been wiped off for senior citizens.
From India, Pune
The Income Tax slabs announced by our honourable Finance Minister, Mr. P. Chidambaram on 28th february' 05 in his Union Budget for the Financial Year 2005 - 06 are as under:
For the year 2005-06
Taxable income slab (Rs.) Rate (%)
1,00,000
1,35,000 (for women)
1,85,000 (for senior citizens) NIL
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge
Note : -
Surcharge of 10% for those whose taxable income is Rs 10 lakhs or more.
A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge.
Tax exemption on interest in Non-Resident (external) Account and on interest payable by a scheduled bank to Non-Resident Indians (NRI's).
Tax exemption on the interest payable by a scheduled bank to a non-resident or a person who is not ordinarily resident on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the RBI.
Standard deductions, as well as Section 88 and 80L has been abolished.
Section 88 i.e. Tax rebate to assessees in respect of insurance premium, PF contribution, PPF, NSC, etc. deleted. A new Section 80C introduced which allows a deduction from income of up to Rs 1,00,000 in respect of insurance premium, PF contributions and other schemes which were hitherto under Section 88.
In respect of educational loans taken for pursuing higher studies, the deduction shall be allowable only in respect of interest payment.
To encourage pursuit of higher education, the interest outflow would be eligible for deduction for a period of 8 years without any ceiling. Repayment of the principal amount would no longer be eligible for deduction.
Rebate of Rs 5,000 has been wiped off for women and rebate of Rs 20,000 from tax has been wiped off for senior citizens.
From India, Pune
This has reference to Form III for Professional Tax return-cum-challan The Part I A, shows the following under the column- Rate of Tax per month. Rs. 2,500 per annum to be paid in the following manner. a) Rs.200 per month except in the month of February b) Rs. 300 in the month of February Please note this form shows the last month of the professional tax year as February On the contrary, in Part I B, the column Salary slabs months shows the months starting from April and ends with March.
The by-laws propose to levy the new tax on government servants, professionals, workers and traders that would be between Rs.20 to Rs.200 per month depending on their monthly wage. The tax is estimated to make the Corporation richer by Rs.120 crores. After being passed by the Standing Committee and the MCD House, the by-laws will now be sent for the Delhi Cabinet's approval and later the Lieutenant-Governor for notification.
The by-laws states that those earning between Rs.5,001 and Rs.6,000 will have to pay Rs.20 per month as professional tax that would go up by Rs.10 per thousand till the monthly wage reaches Rs.20,000. After that, the tax will be Rs.170 per month for salary slab Rs.20,000-Rs.30,000 per month, Rs.180 for Rs.30,000-Rs.40,000 and Rs.190 for Rs.40,000-Rs.50,000. And Rs.200 per month will be charged from those earning Rs.50,000 and above.
From India, Pune
The by-laws propose to levy the new tax on government servants, professionals, workers and traders that would be between Rs.20 to Rs.200 per month depending on their monthly wage. The tax is estimated to make the Corporation richer by Rs.120 crores. After being passed by the Standing Committee and the MCD House, the by-laws will now be sent for the Delhi Cabinet's approval and later the Lieutenant-Governor for notification.
The by-laws states that those earning between Rs.5,001 and Rs.6,000 will have to pay Rs.20 per month as professional tax that would go up by Rs.10 per thousand till the monthly wage reaches Rs.20,000. After that, the tax will be Rs.170 per month for salary slab Rs.20,000-Rs.30,000 per month, Rs.180 for Rs.30,000-Rs.40,000 and Rs.190 for Rs.40,000-Rs.50,000. And Rs.200 per month will be charged from those earning Rs.50,000 and above.
From India, Pune
Hi Rohini,
I am giving the profession tax slab effective from Jan 05. This is the latest one according to my knowledge. If there is any updation, pls let me know.
S.No. Average Half –
Yearly Income (Rs.) Half-Yearly Tax (Rs.)
From To
1 Upto 21,000/- - Nil
2 21,001/- 30,000/- 75/-
3 30,001/- 45,000/- 188/-
4 45,001/- 60,000/- 390/-
5 60,001/- 75,000/- 585/-
6 75,001/- and above 810/-
Mangai
From India, Chennai
I am giving the profession tax slab effective from Jan 05. This is the latest one according to my knowledge. If there is any updation, pls let me know.
S.No. Average Half –
Yearly Income (Rs.) Half-Yearly Tax (Rs.)
From To
1 Upto 21,000/- - Nil
2 21,001/- 30,000/- 75/-
3 30,001/- 45,000/- 188/-
4 45,001/- 60,000/- 390/-
5 60,001/- 75,000/- 585/-
6 75,001/- and above 810/-
Mangai
From India, Chennai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Profession Tax.doc
Profession tax rates.jpg