Is professional tax applicable in Madhya Pradesh?
The state of Madhya Pradesh levies professional tax of Rs. 202 for first 11 months and professional tax of Rs. 212 for the last month for individuals with salary above Rs. 15,000.
How much is professional tax in MP?
Madhya Pradesh
| Act | The Madhya Pradesh Vritti Kar Adhiniyam, 1995 | |
|---|---|---|
| Upto 225000 | ₹ 0.00 | Nil |
| Between 225001 To 300000 | ₹ 1500.00 | INR 125 Per Month |
| Between 300001 To 400000 | ₹ 2000.00 | INR 166 Per Month For 11 Months And INR 174 For 12th Month |
| Above 400001 | ₹ 2500.00 | INR 208 Per Month For 11 Months And INR 212 For 12th Month |
How can I register for PT in MP?
(1) Download Professional Tax Registration Template from MPCTD Portal from Section E-Services -> New Registration -> PT Employer / Person Registration. (2) Update required details in downloaded PT Registration Form.
What is the tax rate for professional?
Which states impose professional tax and what are the tax slabs?
| State | Income per Month | Tax Rate/Tax Amount (per month) |
|---|---|---|
| Maharashtra | Up to Rs. 7,500 | Nil (for male) |
| Up to Rs. 10,000 | Nil (for female) | |
| From Rs. 7,500 to Rs. 10,000 | Rs. 175 (for male) | |
| Rs. 10,000 onwards | Rs. 200 for 11 months + Rs. 300 for 12th month |
Is professional tax applicable in Rajasthan?
The professional tax in Rajasthan is deducted from the salary of the employee by the employer every month. This deducted amount has to be deposited with the state government every month. It is mandatory to pay the professional tax as there are penalties in case of non-compliance.
How much is the professional tax in Maharashtra?
Professional Tax Slab Rates in Maharashtra 2020-21
| Monthly Gross Salary | Amount Payable as Professional Tax |
|---|---|
| Up to Rs.7500 | Nil |
| Rs. 7,501 to Rs.10000 | Rs. 175 per month |
| Above Rs. 10000 | Rs. 200 per month except for the month of February. Rs. 300 for the month of February. |
What is the income tax slab?
In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ).
…
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakh | NIL |
| Rs. 2.5 lakh -Rs. 5 lakh | 5% |
| Rs 5.00 lakh – Rs 10 lakh | 20% |
What is the PT slab for monthly income between Rs 25001 and Rs 40000 in West Bengal?
West Bengal Professional Tax Slab Rate 2019-20:
| Monthly Gross Salary | Amount Payable as Professional Tax Per Month |
|---|---|
| Up to Rs 10,000/- | Nil |
| Rs 10,001-Rs 15,000/- | Rs 110 |
| Rs 15,001-Rs 25,000/- | Rs 130 |
| Rs 25,001-Rs 40,000/- | Rs 150 |
What is Mpvat?
Madhya Pradesh VAT
Value Added Tax or VAT is nothing but a simple levy or charge brought along by the Central Government of India to be levied on the producers of goods, products, and materials in the country.
How can I avoid paying professional tax?
Exemptions in Professional Tax
The following individuals are exempt from paying professional tax: Parents or guardians of children with a mental disability or permanent disability. An individual suffering from a permanent physical disability including blindness. Any individual of above 65 years.
In which states PT is not applicable?
States & Union Territories where Professional Tax is not applicable
| Andaman & Nicobar | Arunachal Pradesh |
|---|---|
| Himachal Pradesh | Jammu & Kashmir |
| Lakshadweep | Nagaland |
| Punjab | Rajasthan |
| Uttaranchal | Uttar Pradesh |
How many states have professional tax in India?
Currently, this tax is applicable in Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Orissa, Sikkim, Tamil Nadu, Telangana, Tripura & West Bengal. The amount of professional tax differ from one state to another but it has an upper limit of Rs.
How is PT salary calculated?
A professional tax is calculated on the basis of your salary and predetermined slabs. You can have to pay anything between ₹ 200 to ₹ 2500 a month.
Professional tax slabs.
| State | Gross monthly salary (Rs.) | Tax per month (Rs.) |
|---|---|---|
| Karnataka | 15,000 and above | 200 |
| Telangana | 20,000 and above | 200 |
| Tamil Nadu | 12,500 and above | 182 |
Is income upto 5 lakhs tax free?
What this essentially means is that if the total income of a working individual/citizen is INR 5 lakh or below INR 5 lakh in India, then he/she is eligible to get a tax rebate of up to INR 12,500 as per the recently modified section 87A of the Income Tax Act. So, no tax is required to be paid.
What amount income is tax free?
In 2021, for example, the minimum for single filing status if under age 65 is $12,550. If your income is below that threshold, you generally do not need to file a federal tax return.
Can I claim professional tax in ITR?
The maximum amount of professional tax that can be levied by a state is Rs 2,500. It is usually deducted by the employer and deposited with the state government. In your income tax return, professional tax is allowed as a deduction from your salary income.
What is VAT in MP?
(a-1) “VAT (Value Added Tax)” means tax on sale or purchase of goods payable under this Act; (b-1) “Year” means the twelve months ending on the 31st day of March. (g) Inspector of Commercial Tax.
What is the rate of VAT on petrol in MP?
Who Levies VAT on Petrol in Madhya Pradesh? The State Government imposes VAT (approximately ₹ 25.51 per litre) or sales tax on petrol in Madhya Pradesh.
Who is exempt profession tax?
The following individuals are exempt from paying professional tax: Parents or guardians of children with a mental disability or permanent disability. An individual suffering from a permanent physical disability including blindness. Any individual of above 65 years.
Is professional tax applicable to all employees?
According to the Professions, Trades, Callings and Employment Act 2000, all professionals who are earning their income by carrying out their practice in a chosen specified field, such as a doctor, chartered accountant, medical professional, technology expert, lawyer, or more, are entitled to pay professional tax.
How many states in India have PT?
The states which impose professional tax are Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, Jharkhand and Sikkim, Mizoram. .
Which state is not PT applicable?
Majority but not all of the Indian states impose profession tax. While states like Karnataka and Maharashtra have profession tax, there is no such tax applicable in Delhi and Haryana.
What is the rule of PT?
Professional Tax in Maharashtra
| Monthly salary (in Rs.) | Tax (in Rs. Per month) |
|---|---|
| Up to Rs.7,500 for men | Nil |
| Up to Rs.10,000 for women | Nil |
| Rs.7,501 to Rs.10,000 | Rs.175 |
| Rs.10,000 and above | Rs.200 for 12 months and Rs.300 for the last month |
Is 4 lakh salary taxable?
So, no tax is required to be paid. But, again, one has to file the Income Tax Return, if the Total Income is above INR 2.5 lakh (in case of senior citizens INR 3 lakh and for very senior citizen INR 5 lakh).
What salary is not taxable?
Abhishek Soni, CEO, tax2win.in, a tax-filing firm says, “As per the proposals of Budget 2019, there will be no tax liability if your taxable income is Rs. 5 lakh or less. However, ITR filing is still mandatory if your income exceeds the basic exemption limit of Rs. 2.5 Lakh (if age is below 60).”