Is PT applicable in Gurgaon?

Is PT applicable in Gurgaon?

Profession Tax is a direct tax which is levied on persons earning an income by way of either practicing a profession, employment, calling or trade. While states like Karnataka and Maharashtra have profession tax, there is no such tax applicable in Delhi and Haryana.

In which states professional tax is applicable?

The states which impose professional tax are Punjab, Uttar Pradesh, Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, Jharkhand and Sikkim .

Is it compulsory to deduct professional tax?

Is it mandatory to pay professional tax? Yes, if you are a salaried individual, it is mandatory to pay professional tax.

Who is liable for professional tax?

In case of Salaried and Wage earners, the Professional Tax is liable to be deducted by the Employer from the Salary/Wages and the Employer is liable to deposit the same with the state government. In case of other class of Individuals, this tax is liable to be paid by the person himself.

Who all should pay professional tax?

This was increased to Rs. 2,500 in 1988, and since then this amount has been kept unchanged. So, as a salaried individual or a professional drawing regular income you, your employer or the respective party from where your income comes can pay professional tax.

How is PT salary calculated?

Professional Tax calculation is based on predetermined slabs and on the basis of the salary or monthly income levels. It is usually around Rs 200 a month, with the maximum payable in a year being Rs 2,500.

Is professional tax and TDS same?

TDS amount is like advanced Tax. Professional tax is collected by state government. You may work in any organisation , but practicing your profession you are paying tax to the state government. The government rule is it deduct from your salary.

How much is TDS on salary?

TDS Rate Chart

Annual Income Tax Rates
Up to Rs.3,00,000 Nil
Rs.3,00,001-Rs.5,00,000 5%
Rs.5,00,001-Rs.10,00,000 Rs.10,00 + 20% of income above Rs 5 lakhs
Above Rs.10,00,000 Rs.1,10,000 + 30% of income above Rs 10 lakhs

Can I get TDS refund?

A TDS Refund arises when the taxes paid by way of TDS are greater than the actual tax payable calculated for the Financial Year. Now, if you belong to the 5% tax bracket, you can claim a TDS refund for the additional amount deducted.

On what amount TDS is deducted?

TDS is deducted only if your total income is taxable. However, TDS will not be deducted in case your total income is Rs. 2,50,000 and this amount is applicable for men and women below the age of 60 years. Note: TDS deduction rate on salary ranges from 5% to 30% which is equivalent to the applicable income tax slabs.

What is the minimum amount for TDS deduction?

2. When is TDS Deducted under section 192

Age Minimum income
Resident in India below 60 years Rs 2.5 lakh
Senior Citizens between 60 years and below 80 years Rs 3 lakh
Super Senior Citizens above 80 years Rs 5 lakh

What is current TDS rate?

TDS rates applicable for resident of India

TDS Rate (%) TDS Rates from 01.04

Is TDS calculated on basic salary?

Is TDS Deduction On Salary Mandatory? Yes, the deduction for TDS on salary is mandatory under Section 192 of the Income Tax Act. Every employer who pays a salaried income to his employees needs to deduct TDS on salary if the income amount is over the basic exemption limit.

What is TDS return filing?

Tax deducted at source (TDS) is the practice of reducing tax evasion and spillage by making it mandatory to deduct TDS from payments at pre-defined rates. This is considered as part of tax paid and in case excess TDS has been deducted then one can file returns and claim the refund from the Income Tax Department.

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