Prof tax india

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August undefined, 2024

Web1 day ago · As a freelance professional in India, filing your Income Tax Return (ITR) is slightly different from salaried individuals, but the tax rates remain the same. You will need to submit either ITR-3 or ITR-4, depending on your income from business or profession. Since the Assessment Year (AY) 2024-18, freelancers can opt for presumptive taxation by WebProfessional tax is a tax that the State Government of Madhya Pradesh levies on individuals who earn income through any medium. It means individuals, whether they are a professional, traders, or employers, must pay professional tax in Madhya Pradesh according to the income threshold set by the State Government.

My Profession Tax - APCT

WebProfessional Tax in India The maximum amount of Professional Tax that can be imposed by any state in India is INR 2500/-. Total amount of Professional Tax paid during the year is … WebDec 11, 2012 · In this activity, we assign a Professional Tax (PTax) rate to a slab code. Slabs are salary brackets as specified for a State by the respective State Government or local authority. Example Step4: SPRO->IMG->Payroll->Payroll India->Professional Tax-> Maintain Method and Form Lawet for PTax Groupings Table: V_T7INP3 farmers wage philippines

Employees - Benefits allowable

WebFeb 22, 2024 · And the professional tax comes under article 276 of the constitution of India. The income tax varies from individual to individual. At the same time, the professional ta … WebPT payment in Telangana can be done online by visiting the official website of the Telangana Government and following the steps mentioned below, Step-1 - Click on E-registration under New Dealer Sub Section. Next select ‘PT Registration’. Step-2 - Click on ‘e-Payment’ and ‘Select the Tax Type’ from the available option. WebGet accurate Professional Tax Slab rate for Maharashtra & other details like PT act, rule, filing of returns, p tax registration, due dates, PT deduction, PT exemption, PT challan & latest professional tax amendment notifications. … farmers vs state farm renters insurance

Professional Tax: Tax Slab For States In India - Forbes

Professional Tax in 2024: Everything you must know about it

WebPaying tax on professional tax isn't tax on tax. Recently I came to know that in new tax regime, professional tax which is already deducted from salary will not be exempted from income tax. But I dont understand the logic here, isn't it like we are paying tax on tax we already paid to government ? WebSep 13, 2024 · Professional tax is a direct tax that applies to individuals earning an income by way of employment, practising their profession, or trading. A practicing professional … free pet health checkWebProfessional Tax is a Tax which is levied by the State on the Income earned by way of profession, trade, calling or employment. This form of tax was first levied in India in the … free pet grooming software downloads

"WebThe Current Professional Tax Rates in India In India, the tax rates for both individuals and companies range between 10 and 30%. The rates are updated and reviewed each year by Indian government. The most significant taxes Indian citizens have to pay is taxes like the Central Sales Tax (CST) and the Value Added Tax (VAT). " - Prof tax india

Prof tax india

TDS On Professional Fees Limit for FY 2024-23 - Exemptions

WebProfession Tax Rates, Maharashtra. Monthly salaries or wages. Tax Rate. Upto ₹ 7,500. Nil. ₹ 7,501 to 10,000. 175 per month (Nil for women, Exemption upto Rs.10,000) ₹ 10,001 and … WebProfessional Tax in India is collected by State government themselves. In several other states which have active Panchayats, local bodies themselves levy and collect this tax. As …

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WebProfessional tax or P-tax is a direct tax that State Government imposes on individuals who earn either by practising a profession, employment, trade or calling or running a … WebOct 22, 2024 · The right to impose and collect Professional Tax is granted to the State Government under the provisions of Clause (2) of Article 276 of the Indian Constitution. No state, however, can impose a Professional Tax on any taxpayer over 2,500 INR. According to the Income Tax Act of 1961, Professional Tax payments can be deducted from taxable …

Professional tax is a tax on all kinds of professions, trades, and employment and is levied based on the income of such profession, trade and employment. It is levied on employees, a person carrying on the business including freelancers, professionals, etc., subject to income exceeding the monetary threshold if any. See more The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just … See more Professional tax being levied by the State Government, is different in different states. Every state has its own laws and regulations to govern professional tax of that … See more Professional tax is collected by the Commercial Tax Department. The commercial tax department of the respective states collect it which ultimately reaches … See more This is again a State-specific query. However, in general, a professional tax may be paid either online/offline. Further, depending on the State’s requirement, … See more WebApr 10, 2024 · The Income Tax Return filing process for freelance professionals in India is slightly different from that of salaried individuals. Get more Income Tax News and Business News on Zee Business. ... Section 80DD - Eligible freelance professionals can claim a maximum tax deduction of Rs 1.5 lakhs against treatment expenses of a disabled …

WebApr 12, 2024 · What is Professional Tax? Check Tax Slab Rates & Applicability Credit Cards Compare Credit cards HDFC Credit Cards SBI Credit Cards Indusind Bank Credit cards … WebThe minimum Professional Tax slab rate begins at Rs. 110 per annum, whereas the maximum amount of tax that can be imposed by the state stands at Rs. 2,500 per annum. …

WebSep 21, 2024 · Introduced in 1949, professional tax is a direct tax deducted from earning individuals’ salary or wages by the employer. Just like in any other deductions, such as tax …

WebEvery salaried individual, working and earning a monthly income, is liable to pay a certain part of his/her earnings to the respective state governments in the form of professional tax. This tax, often referred to as P tax, is reflected in an individual’s salary slip as well. An employer directly deducts this tax amount from an employee’s ... farmerswagon.orgWebMar 13, 2024 · Section 194J of the TDS has been amended as part of the Finance Bill 2024. These include: In the case of fees for technical services (which are not considered professional services), tax will be deducted at the rate of 2%. In all other cases, the rate will be up to 10%. An individual or HUF whose revenue, gross receipts or turnover from the ... free pet grooming templatesWebProfessional Tax is collected by the state govt of India on all who practicing a profession such as lawyer, doctor etc. learn more about P Tax Slab Rates and Payment in India. ... Here is a list of the slabs for various states and union territories in India. Professional Tax in Maharashtra: Monthly Salary (in Rs.) Tax (Per month in Rs.) Up to ... free pet health insuranceWebMay 8, 2024 · Professional Tax Slabs & Rates FY 2024-21. Professional tax (PT) is levied by the various State Governments of India on salaried individuals, working in government or … farmers vs geico home insuranceWebProfessional tax is a direct tax that is deducted from your gross salary by your employer. This tax is levied by the state government and thus can vary depending on the state you … free pet hack adopt me farmers wagesWebFeb 15, 2024 · Maximum Profession Tax Amount A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. Profession Tax Is Deductible Under … free pet hacks adopt me