What is the rate of professional tax in West Bengal?
The maximum amount charged as professional tax is Rs. 2500 per year….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 the rule of professional tax?
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 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 professional tax and how is it calculated?
How Professional Tax is 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.
How is interest calculated on late payment of professional tax in West Bengal?
PAYMENT OF INTEREST If an employer or enrolled person fails to pay tax as required under the law, he will be liable to pay simple interest @ 2% per month or part thereof on the amount due up to 31.3.
What is the due date for payment of professional tax in West Bengal?
31st July
A person who is enrolled under this tax shall pay Profession Tax by 31st July of the same year for which tax is due. It shall be paid on the basis of annual gross income or annual gross turnover or annual gross receipt or fixed amount of Rs. 2500/- , whichever is applicable.
How can I reduce my professional tax?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
- Donations.
How is PT interest calculated?
For late payment of PT, interest @ 1% p.m. is levied and the state may also impose a penalty of 50% of the total amount due….Profession Tax in West Bengal.
| Monthly Salary Wage | PT Payable |
|---|---|
| a. Less than Rs. 8,500 | Nil |
| b. Rs. 8,501 to Rs. 10,000 | Rs. 90 p.m. |
| c. Rs. 10,001 to Rs. 15,000 | Rs. 110 p.m. |
Is bonus included in professional tax?
Bonus – If the employment is in a state that specifies bonus as a component of the professional tax basis, then the system includes the same for professional tax basis calculations. Due basis – The system considers the actual amount that an employeereceivesas the basis amount for professional tax calculations.
Is professional tax deducted every month?
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.
What are the professional tax slab rates in West Bengal?
Professional tax slab rates differ from state to state in the country. The maximum amount is Rs.2500 per year. In West Bengal, there are different slabs paid on a yearly basis by anyone with a salary that exceeds Rs.8,500 monthly.
What is the total amount paid as professional tax in Bengal?
2500 per year. The total amount paid as professional tax comes under deduction under Section 16 of the Indian Income Tax Act, 1961. As per the Article 276, Clause 2 of the Indian Constitution, the State Government of West Bengal can charge professional tax on income earned various sources.
What is the tax slab for professional tax?
Professional tax slab rates vary from states to states. The maximum amount charged as professional tax is Rs. 2500 per year. The total amount paid as professional tax comes under deduction under Section 16 of the Indian Income Tax Act, 1961.
How to pay professional tax e-payment in West Bengal?
How is Professional Tax E-payment done in West Bengal? The easiest and the most convenient way of payment of Profession Tax is through the GRIPS online portal. For this, Visit wbprofessiontax.gov.in/ > e- Payment Payment of Profession Tax shall be made through GRIPS from 1-10-2014.