Different states have varying methods of calculating professional tax. Dealers liable to pay tax under the west bengal sales tax act,1994 west bengal act xlix of 1994 or the central sales tax act, 1956 74 of 1956 or the west bengal value added tax act,2003 west ben. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Here are the latest telangana professional tax slab rates as per the. Professional tax slab of gujaratrevised pdf download. Income tax slab for financial year 201415 mytaxcafe. Professional tax is levied by the state government on salaried individuals, or in practice of any profession, or carry out some form of business. The maximum amount of pt that may be levied by any state in a financial year is rs 2500.
Submission of a tax residency certificate is a necessary but. Professional tax maharashtra professional tax slab in. Dealers liable to pay tax under the west bengal sales tax act,1994 west bengal act xlix of 1994 or the central sales tax act, 1956 74 of 1956i such dealers other than those mentioned in subitem ii. Normally, state government imposes professional tax slab rates basis for salaried individuals and. Schedule to the west bengal state tax on professions, trades. As you are aware that effective from 1st august 2008, professional tax slabs has been revised in karnataka, i would like to share the details i have received on this. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered. Profession tax schedules directorate of commercial tax.
Income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 2014 15 for individual, huf, aop, boi, partnership firms, llp and companies. New professional tax slab in karnataka pdf download. Income tax slab tells the tax rate at which you have to pay tax on income. The pt deduction for a halfyear period should be rs 235 as per the pt slabs. State wise professional tax rates for the financial year 202021 has been updated. Profession al tax slabs for different states in india. Dear member, the information regarding it for fy 201415 is wrong.
The professional tax in telangana is applicable under the provisions of telangana professional tax act 1987. For the purpose of section 179 and 167c of income tax act, 1961, tax due includes penalty, interest or any other sum payable under the act. Tax slabs for financial year 201415 or assessment year 201516. Gujarat ptax slab revision fy 201415 ay 2015 16 sap. Income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies. Income tax at a glance among direct taxes, income tax is the main source of revenue. Gujarat ptax slab revision fy 201415 ay 2015 16 posted on apr 21, 2014 at 07. Professional tax slab rates in different states updated. New professional tax slab in west bengal, 2014 january 8, 2019 scheduled rates of professions tax to be recovered by ddo from the salary and wages earners as per the west bengal. Professional tax is levied by the state government on salaried individuals, or in practice of any profession, or carry out. Though the same slab rate is applicable for the selfemployed. As per the karnataka professional tax slab rates, all individuals with a monthly gross income less than rs. In this post, we will be discussing the professional tax slab rates for different states of india and penalties charged in case of any delay in the payment.
As per the as per kerala municipal act, 1994 section 254 it is mandatory for all employees who are drawing a half yearly salary of more than rs. Profession tax is deductible under section 16 iii of the income tax act. Maharashtra professional tax slab rate, latest news bankbazaar. The central board of direct taxes cbdt has notified the income tax returns itr for financial year 201415 assessment year 201516. Persons being individuals engaged in any profession or calling but not engaged as an employee being. However, employees with a monthly gross salary above. The latest tax slab for fy 201415 for individualshuf, aopboitrust, firm llp, company, cooperative societies, local authorities is listed in. The government of maharashtra has introduced changes to profession tax rates effective 01july2014. Please note that the rates of profession tax are amended and the new rates will be effective from 01. What i assume according to the tax slab, the professional tax cut from the salary of rs 6774 should be rs. Updated profession tax rates in maharashtra taxguru. Tds rate chart fy 201415 ay 201516 due date of tds payment etds return filing due date to deposit tds and tcs time and mode of payment to government account of tax deducted at. It offers special privileges for women professional tax payers.
Professional tax slabs for indian states sensys blog. You will find professional tax slabs applicable in some of the states. Moreover, the state may change the tax rates every year. Senior citizens above the age of 65 and handicapped. Section 80u tax deduction for physically disabled persons. However, for assessment year 201718, tax rate is 29% if turnover or gross receipt of the company in.
Rates of incometax for fy 201415 ay 201516 as per the finance no. Profession tax as per kerala municipal act, 1994 section 254. Professional tax is subject to a minimum limit of income and charged as per applicable slab rates of a state. February 5, 2019 professional tax slab rates in india.
Income tax slab rates for financial year 2014 assessment year201415 resident super senior citizen who is 80 years or more at any time during the previous year net income range income tax. Marginal relief in surcharge, if applicable education cess. Schedule of rates of tax on professions, trades, callings and employments after budget. Maharashtra profession tax revision july 2014 posted by gautham on july 8, 2014. In this post i restrict my subject towards new tax slabs for fy 201415. Income tax slab for financial year 2014 ay 201415 finance minister p chidambaram presented the union budget on 28th february, 20. Maharashtra govt, has amended profession tax act w.
Click these links to see the 2015 tax brackets, and 2016 tax brackets. Professional tax rates for the financial year 202021. Maharashtra professional tax slab rate, latest news. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for. Professional tax is a tax levied on the income earned by salaried employees and professionals, including chartered accountants, doctors and lawyers, etc. The employees can claim for the income tax deduction on the profession tax under section 16iii of the income tax act, 1961.
The professional tax, in maharashtra, is regulated by the maharashtra state tax on professions. According to section 16 iii of the income tax act 1961, the profession tax paid by an employee is allowed as a deduction from hisher gross salary income. The government of maharashtra of also revised its professional tax slab rates for the financial year 201516. The total amount of professional tax paid during the year is allowed as deduction under the income tax act. Professional tax for the financial year 201415 wealthtechspeaks. If you want to continue this discussion or have a follow up question, please post it on the network. For the assessment year 201617 and 201718, a domestic company is taxable at 30%. Income tax slab rates for fy 2016 17 fy 201516 and.
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