What is the interest rate for professional tax?
1.25% per month
Professional Tax in Karnataka For late payment of Professional Tax in Karnataka, Interest @ 1.25% per month would be levied and a maximum penalty of 50% of the Total Amount due may also be levied by the Karnataka authority.
What is the limit for PT?
Which states impose professional tax and what are the tax slabs?
| State | Income per Month | Tax Rate/Tax Amount (per month) |
|---|---|---|
| Karnataka | Up to Rs. 15,000 | Nil |
| Rs. 15,001 onwards | Rs. 200 | |
| Kerala (Half yearly income slabs and half yearly tax payment) | Up to Rs.11,999 | Nil |
| Rs.12,000 to Rs.17,999 | Rs.120 |
What is salary for PT calculation?
Professional tax is calculated every month based on your gross salary for that month. Say your CTC is Rs. 50,000 per month, and after deduction of your EPF, gratuity, and leave deduction or payment towards any loan you may have taken from the company in the past, your gross salary comes to Rs. 40,000.
How is PT interest calculated?
For late payment of PT, interest @ 1.25% p.m. is levied and the state may also impose a penalty of 10% of the total amount due….Profession Tax in Maharashtra:
| Monthly Salary Wage | PT Payable |
|---|---|
| b. i) In case of male: exceeds Rs. 7,500 but does not exceed rupees 10,000 | Rs. 175 p.m. |
How much is the professional tax in India?
A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. According to Section 16 (iii) of the Income Tax Act 1961, the profession tax paid by an employee is allowed as a deduction from his/her gross salary income.
What is the PT renewal fees in Karnataka 2020 21?
No employees – No tax implications. In between 1-5 employees – INR 1000. In between 5-10 employees – INR 1,500. More than 10 employees – INR 2,500.
Do I have to pay professional tax in Karnataka?
Professional earning less than Rs.10000 need not pay any professional tax to the Karnataka Government. A maximum amount of Rs.2400 is payable as professional tax in Karnataka. Professional Tax in Karnataka is managed by Karnataka Tax on Profession, Trade, Callings and Employment Act, 1976. Professional Tax Slabs in Karnataka
What is the professional tax slab in Karnataka?
Karnataka Professional Tax Slab Rates As per the Karnataka Professional Tax Slab Rates, all individuals with a monthly gross income less than Rs.15,000 are exempted from any charges. However, employees with a monthly gross salary above Rs.15,000 are levied a professional tax of Rs.200.
What is the total amount of professional tax paid in India?
The Professional tax slabs & rate is fixed based on the Income Slab of an Individual. The maximum amount of PT that may be levied by any State in a Financial Year is Rs 2500/-. The total amount of professional tax paid during the year is allowed as Deduction under the Income Tax Act.
What is the penalty for late payment of professional tax in Karnataka?
1.25% is charged per month for late payment of professional tax in Karnataka. The maximum penalty charged for late payment is 50% of the total outstanding amount. In which states is Professional Tax imposed? Professional Tax is imposed in the below mentioned states: Can individuals pay the professional tax in a lump sum?
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