I would like to know if some employee has taken 3 days of LWP (Leave Without Pay), will it affect its professional tax and TDS? The employee's gross monthly income is 44250 for which her TDS is coming to Rs. 2758 per month. The basic salary of the employee is 22000.
Calculation:
44250 * 12 = 531000
531000 - 200000 (IT Exemption) = 331000 (Taxable Income)
10% of 331000 = 33100 (Yearly TDS)
33100 / 12 = 2758
Please correct if this calculation is wrong.
From India, Mumbai
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1Calculation:
44250 * 12 = 531000
531000 - 200000 (IT Exemption) = 331000 (Taxable Income)
10% of 331000 = 33100 (Yearly TDS)
33100 / 12 = 2758
Please correct if this calculation is wrong.
From India, Mumbai
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Hi,
I am attaching two files pertaining to income tax calculation. I hope this will help you calculate in a better way. Professional tax and income tax are based on the earned wages, so there won't be much of a difference for 3 days of leave without pay.
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I am attaching two files pertaining to income tax calculation. I hope this will help you calculate in a better way. Professional tax and income tax are based on the earned wages, so there won't be much of a difference for 3 days of leave without pay.
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Sorry but still it’s not clear what do you mean by much difference... you mean professional tax of Rs.200 will remain 200 only even after 3 days of LWP ? Also, TDS will remain same only??
From India, Mumbai
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From India, Mumbai
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Can anyone tell me if some employee has taken 3 days of LWP ( Leave Without Pay), will it affect it’s professional tax and TDS ? and if yes, in what proportion??
From India, Mumbai
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From India, Mumbai
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In Maharashtra, for a salary band of Rs. 10,000 and above, there is a fixed Tax on Profession (PT) amounting to Rs. 200 per month (for 11 months except February) and for February Rs. 300. This totals to Rs. 2,500 per year. So, by having 3 days LWOP, PT is not going to affect. However, TDS will be affected, as the 3 days' earnings are less due to LWOP.
From India, Kolhapur
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From India, Kolhapur
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His salary is Rs. 44,250.
Less: Salary for 3 days LWP (proportionately) - Rs. 4,425 (1,475 x 3).
Balance salary for PT & IT - Rs. 39,825 (so no difference so far as PT is concerned); however, there could be a marginal difference for IT proportionately, which is negligible.
From India, Bangalore
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Less: Salary for 3 days LWP (proportionately) - Rs. 4,425 (1,475 x 3).
Balance salary for PT & IT - Rs. 39,825 (so no difference so far as PT is concerned); however, there could be a marginal difference for IT proportionately, which is negligible.
From India, Bangalore
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Professional Tax is a fixed amount; hence, it will have no impact of 3 days LWP. As regards TDS, it is calculated as per Income Tax Law/Rules in force for AY 14-15. Advance tax may be deducted at the same rate as being deducted earlier. The actual Income Tax amount will be arrived at by taking all factors and deductions under various relevant Sections. Accordingly, the Advance TDS may be deducted from the final Income Tax liability, and the balance amount will have to be deducted plus 2% Education Cess thereupon.
AK Jain
From India, New+Delhi
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AK Jain
From India, New+Delhi
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Dear friend, For your reference use the attached PT Slabs prevailing.
From India, Bangalore
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From India, Bangalore
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Professional tax is not deducted when an employee takes a 1-month leave without pay. However, when the employee rejoins their duties, as per the Professional Tax Act, Rs. 2500 per annum of professional tax is required to be deducted. How can we fulfill this clause?
From India, Kolkata
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From India, Kolkata
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The PT rates applicable for Maharashtra are as follows:
Professional Tax in Maharashtra
Monthly Salary Professional Tax Rate Per Month
Up to Rs 7,500 (Rs 10,000 for Women) Nil
From Rs 7,500-10,000 175
Above Rs 10,000 Rs 200 per month, but Rs 300 in February
The rates are based on the above slabs on a monthly salary basis, not on an annual or CTC basis. Please note to always consider the monthly salary earnings. Also, refer to the attached contribution by Amrish for additional information on the subject.
From India, Bangalore
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Professional Tax in Maharashtra
Monthly Salary Professional Tax Rate Per Month
Up to Rs 7,500 (Rs 10,000 for Women) Nil
From Rs 7,500-10,000 175
Above Rs 10,000 Rs 200 per month, but Rs 300 in February
The rates are based on the above slabs on a monthly salary basis, not on an annual or CTC basis. Please note to always consider the monthly salary earnings. Also, refer to the attached contribution by Amrish for additional information on the subject.
From India, Bangalore
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