+11 Others
Hi, I am looking for professional tax rates, slabs and exemptions? kindly share the information to me
25th March 2006 From India , Bangalore
25th March 2006 From India , Bangalore
Hi,
I think this will help you to some extent...
salary Proff. Tax
2000-2500----------rs. 30/-
2500-3500----------rs. 60/-
3500-5000----------rs. 120/-
5000-10,000--------rs. 200/-
Total (max.) 2500/- for a year.
If the salary is above rs. 10000 than p.tax paid is rs. 200/- per month upto 11 months and in the last month of financial year rs. 300/- is to be paid to make it total rs. 2500/-..
Tara
09868700121
27th March 2006 From India , New Delhi
I think this will help you to some extent...
salary Proff. Tax
2000-2500----------rs. 30/-
2500-3500----------rs. 60/-
3500-5000----------rs. 120/-
5000-10,000--------rs. 200/-
Total (max.) 2500/- for a year.
If the salary is above rs. 10000 than p.tax paid is rs. 200/- per month upto 11 months and in the last month of financial year rs. 300/- is to be paid to make it total rs. 2500/-..
Tara
09868700121
27th March 2006 From India , New Delhi
Hi Prabhu,
I hope tara has given a wrong slab, the Professional Tax slabs goes like this.
Rs.3000/- to Rs.4999/- Rs. 30.00
Rs.5000/- to Rs.7999/- Rs. 60.00
Rs.8000/- to Rs.9999/- Rs. 100.00
Rs. 10000/- to Rs. 14999/- Rs. 150.00
Rs. 15000/- above Rs. 2000.00
Above Rs. 15000/- how much ever your salary may be it will Rs. 200/-.
Regards
Vani
9844082872
28th March 2006 From India , Bangalore
I hope tara has given a wrong slab, the Professional Tax slabs goes like this.
Rs.3000/- to Rs.4999/- Rs. 30.00
Rs.5000/- to Rs.7999/- Rs. 60.00
Rs.8000/- to Rs.9999/- Rs. 100.00
Rs. 10000/- to Rs. 14999/- Rs. 150.00
Rs. 15000/- above Rs. 2000.00
Above Rs. 15000/- how much ever your salary may be it will Rs. 200/-.
Regards
Vani
9844082872
28th March 2006 From India , Bangalore
Profession Tax rates Hyderabad:
Salary PT
1500 - 2000--------------16
2000 - 3000--------------25
3000 - 4000--------------35
4000 - 5000--------------45
5000 - 6000--------------60
6000 - 10000-------------80
10000 - 15000---------- 100
15000 - 20000---------- 150
above 20000------------ 200
I think this will ful fill your needs
21st May 2008 From India , Hyderabad
Salary PT
1500 - 2000--------------16
2000 - 3000--------------25
3000 - 4000--------------35
4000 - 5000--------------45
5000 - 6000--------------60
6000 - 10000-------------80
10000 - 15000---------- 100
15000 - 20000---------- 150
above 20000------------ 200
I think this will ful fill your needs
21st May 2008 From India , Hyderabad
Dear Sir, Thanks for the information, but i heard that there is a change tacken place in AP Professional Taxes whether it is true or not please confirm. Thanks & Regards, Sujatha
13th June 2008 From India , Bangalore
13th June 2008 From India , Bangalore
I think this will help you to some extent...
salary Proff. Tax
2000-2500----------rs. 30/-
2501-3500----------rs. 60/-
3501-5000----------rs. 120/-
5001-10000---------Rs.175/-
10,001 & above ----rs. 200/-
Total (max.) 2500/- for a year.
If the salary is above rs. 10000 than p.tax paid is rs. 200/- per month upto 11 months and in the last month of financial year rs. 300/- is to be paid to make it total rs. 2500/-..
Tara
09868700121[/quote]
13th August 2008 From India , Mumbai
salary Proff. Tax
2000-2500----------rs. 30/-
2501-3500----------rs. 60/-
3501-5000----------rs. 120/-
5001-10000---------Rs.175/-
10,001 & above ----rs. 200/-
Total (max.) 2500/- for a year.
If the salary is above rs. 10000 than p.tax paid is rs. 200/- per month upto 11 months and in the last month of financial year rs. 300/- is to be paid to make it total rs. 2500/-..
Tara
09868700121[/quote]
13th August 2008 From India , Mumbai
Hi Prabhu,
Pls find below the Tax slabs for Delhi:
IncomePercentage of Professional Tax
1)Less than Rs.1,10,000 - Nil
2)Between Rs.1,10,000-Rs.1,45,000 - Nil
3)Between Rs.1,45,000-Rs.1,50,000 - 10 %
4)Between Rs.1,50,000-Rs.1,95,000 - 20 %
5)Between Rs.1,95,000-Rs.2,50,000 - 20 %
6)Beyond Rs.2,50,000 - 30 %
Delhi has also formulated a different professional tax slab for people with income beyond Rs. 10,00,000. Such income groups are required to pay10 % of their income as surcharge also. The professional tax structure in Delhi has been formulated to include an education cess also. The education cess is calculated by aggregating the amount of tax as well as the amount of surcharge and then 2% of the aggregate is deducted as the education cess. The professional tax structure for partnership companies includes surcharge at the rate of 10% of the profits. Partnership companies are required to pay 2% of their profits as education cess. The calculation of education cess for the companies also requires the aggregation of the income tax and the surcharge initially and then deducting 2% of the aggregate for education cess. The professional tax rate for the partnership firms has been decided at 30% of the profit and the effective rate of tax of these firms is 33.66 %.
Hope this is Helpful ...... Pls let me know.
Regards,
Tejasvi :-)
16th December 2008 From India , Mumbai
Pls find below the Tax slabs for Delhi:
IncomePercentage of Professional Tax
1)Less than Rs.1,10,000 - Nil
2)Between Rs.1,10,000-Rs.1,45,000 - Nil
3)Between Rs.1,45,000-Rs.1,50,000 - 10 %
4)Between Rs.1,50,000-Rs.1,95,000 - 20 %
5)Between Rs.1,95,000-Rs.2,50,000 - 20 %
6)Beyond Rs.2,50,000 - 30 %
Delhi has also formulated a different professional tax slab for people with income beyond Rs. 10,00,000. Such income groups are required to pay10 % of their income as surcharge also. The professional tax structure in Delhi has been formulated to include an education cess also. The education cess is calculated by aggregating the amount of tax as well as the amount of surcharge and then 2% of the aggregate is deducted as the education cess. The professional tax structure for partnership companies includes surcharge at the rate of 10% of the profits. Partnership companies are required to pay 2% of their profits as education cess. The calculation of education cess for the companies also requires the aggregation of the income tax and the surcharge initially and then deducting 2% of the aggregate for education cess. The professional tax rate for the partnership firms has been decided at 30% of the profit and the effective rate of tax of these firms is 33.66 %.
Hope this is Helpful ...... Pls let me know.
Regards,
Tejasvi :-)
16th December 2008 From India , Mumbai
Hi Friends, Can anyone tell me... according to tax laws what are the taxes that a private tutor has to pay if his income <= Rs. 1 lakh... Regards, Abhi
13th February 2009 From India , Calcutta
13th February 2009 From India , Calcutta
India has embarked on a series of tax reforms since early 1990s. The focus of reforms has been on rationalization of the tax rates and simplification of procedures.
In India tax is levied by central, state and local government bodies. Principal taxes including corporate tax, custom duties, central excise duty and services tax are levied by the central government. On the other hand states levy principal taxes like state excise duties, sales tax and stamp duties. Local government bodies levy octroi duties and other taxes of local nature like water tax and property taxes. .
India has embarked on a series of tax reforms since early 1990s. The focus of reforms has been on rationalization of the tax rates and simplification of procedures.
Mukesh raj & ComanyDirect Tax
Income earned in a financial year is liable to tax as per the rates prescribed for that year. A financial year runs from 1 April to 31 March of the following year. India follows a residence based taxation system. Broadly, taxpayers may be classified as residents or non-residents. Individual taxpayers may also be classified as 'residents but not ordinary residents'.
An Indian company is always an Indian resident. Additionally, any other company whose affairs are wholly controlled and managed from India is also a resident. Any other company would be a non-resident.
SEND ENQUIRY
Residential Status
An individual is resident in India if he is in India in the tax year for:
* 182 days or more; or
* 60 days or more (the period of 60 days stands changed to 182 days or more for Indian citizens or persons of Indian origins on a visit to India; and also for citizens of India who leave India for employment abroad as member of a crew of an Indian ship) during the tax year, and an aggregate of 365 days or more during the four years preceding the tax year.
* An individual who does not satisfy the above conditions is a non-resident.
* A resident is "not ordinarily resident" in India in any tax year if he:
* has been "non-resident" in India in nine out of the 10 previous years preceding that year: or
* has during the previous seven years, preceding that year, been in India for a total period of 729 days or less.
Taxability based on status
Residential Status Indian Sourced Income Foreign Sourced Income
Resident Taxable in India Taxable in India
Resident but not ordinarily resident Taxable in India Not taxable in India
Non-resident Taxable in India Not taxable in India
Heads of Income
The income is categorized under five broad heads or classes of income. The taxable component of the income is ascertained according to the rules for a particular head/class of income and then aggregated to determine the total taxable income. However, losses under certain heads cannot be aggregated with income earned under other heads.
Salaries cover those that are received for services rendered and include wages, pension, fees, commission and the taxable value of perquisites. For this purpose, valuation rules for certain standard perquisites, typically provided by employers in India, have been issued. Standard deduction is available from the salary income. The amount of deduction depends upon the amount of salary earned.
Income from house property includes income arising from use of residential and commercial property. Only two prescribed deductions are permitted while computing the income.
Profits and gains from business or profession covers income earned from business or profession net of permissible deductions, against the revenue earned. In addition, general non-specified revenue expenses, incurred for the business are also deductible.
Capital gains cover gains arising from transfer of capital assets. The period of holding determines the classification of the asset, which then determines the manner of taxation. Capital assets held for less than 36 months (12 months in case of shares/securities) are treated as short-term assets. Other capital assets are categorized as long-term capital assets. Long-term capital gains enjoy a lower rate of tax. This may further be reduced by making prescribed investments.
Sale of certain specified investments are subject to gross basis of taxation, under which tax is levied on value of transaction. Gain arising from transactions subject to gross basis of taxation is entitled to concessional tax treatment under income tax.
Income from other sources is the residuary head/class of income and covers any income not specifically dealt with under the other heads. A deduction in respect of expenses incurred for earning the income, is available.
Individuals
Individuals are liable to tax in India at different rates of tax as under:
Taxable income slabs (In Rupees) Rates of Tax
0 - 100000* Nil
100001 - 150000 10.2 per cent
150001 - 250000 20.4 per cent
250001 - 1000000 30.6 per cent
1000000 and above 33.66 per cent
* Basic exemption limit in case of women is INR 135, 000 and in case of senior citizen INR 185, 000
* Special rates/ exemptions apply in case of long-term/ short-term capital assets. Individuals are also liable to surcharge as discussed subsequently.
* Non-resident individuals may also be liable to tax in India on a gross basis depending upon the type of income received.
Foreign Nationals
Indian tax law provides for exemption of income earned by foreign nationals for services rendered in India, subject to prescribed conditions. For example
* Remuneration from a foreign enterprise not conducting any business in India provided, the individual's stay in India does not exceed 90 days and the payment made is not deducted in computing the income of the employer;
* Remuneration received by a person employed on a foreign ship provided his stay in India does not exceed 90 days;
* Remuneration of foreign diplomats, consular staff, trade officials and their staff and family; and
* Income of an employee or consultant of a government approved foreign charitable institutions.
Companies
Resident Companies
Indian resident companies are liable to tax at 33.66 per cent on net basis. Additionally, companies are also liable to dividend distribution tax (DDT) at 14.025 per cent on the amount of profits distributed to shareholders.
Non-resident Companies
Non-resident companies are typically liable to tax at 41.82 per cent on net basis. Non-resident companies may be taxed on a gross basis or on a presumptive basis in certain cases. However, income from long-term capital gains is taxable at the rate of 20.91 per cent.
Kinds of Taxes
Annual Tax
An annual tax is levied on income earned, for a financial year, on the various taxpayers listed above as per the rates declared by the annual budget. The rates for the financial year 2005-06 are as stated in the section dealing with "Taxation of different taxpayers". The rates would vary with each budget. The annual tax is payable in advance by way of quarterly installments during the financial year. The quarters would vary depending on the taxpayer involved e.g. in the case of companies the payment for the first quarter would fall on 15 June of the financial year involved.
Minimum Alternate Tax (MAT)
The domestic tax law also requires companies to pay MAT in lieu of the regular corporate tax, in a case where the regular corporate tax is lower than the MAT. MAT is computed on the book profits; subject to certain prescribed adjustments at the rate of 8.415 per cent in the case of domestic companies and 7.841 per cent in case of non-resident companies; MAT paid in any year is now available as credit in any subsequent year.
Dividend Distribution Tax (DDT)
Dividends are currently exempt from taxes in India. However the company paying the dividends is required to pay DDT on the amount of dividends declared, at the rate of 14.025 per cent. DDT is a tax payable on the dividend declared, distributed or paid.
thanks
cabos real estate
Panam Real Estate
2nd March 2009 From India , Delhi
In India tax is levied by central, state and local government bodies. Principal taxes including corporate tax, custom duties, central excise duty and services tax are levied by the central government. On the other hand states levy principal taxes like state excise duties, sales tax and stamp duties. Local government bodies levy octroi duties and other taxes of local nature like water tax and property taxes. .
India has embarked on a series of tax reforms since early 1990s. The focus of reforms has been on rationalization of the tax rates and simplification of procedures.
Mukesh raj & ComanyDirect Tax
Income earned in a financial year is liable to tax as per the rates prescribed for that year. A financial year runs from 1 April to 31 March of the following year. India follows a residence based taxation system. Broadly, taxpayers may be classified as residents or non-residents. Individual taxpayers may also be classified as 'residents but not ordinary residents'.
An Indian company is always an Indian resident. Additionally, any other company whose affairs are wholly controlled and managed from India is also a resident. Any other company would be a non-resident.
SEND ENQUIRY
Residential Status
An individual is resident in India if he is in India in the tax year for:
* 182 days or more; or
* 60 days or more (the period of 60 days stands changed to 182 days or more for Indian citizens or persons of Indian origins on a visit to India; and also for citizens of India who leave India for employment abroad as member of a crew of an Indian ship) during the tax year, and an aggregate of 365 days or more during the four years preceding the tax year.
* An individual who does not satisfy the above conditions is a non-resident.
* A resident is "not ordinarily resident" in India in any tax year if he:
* has been "non-resident" in India in nine out of the 10 previous years preceding that year: or
* has during the previous seven years, preceding that year, been in India for a total period of 729 days or less.
Taxability based on status
Residential Status Indian Sourced Income Foreign Sourced Income
Resident Taxable in India Taxable in India
Resident but not ordinarily resident Taxable in India Not taxable in India
Non-resident Taxable in India Not taxable in India
Heads of Income
The income is categorized under five broad heads or classes of income. The taxable component of the income is ascertained according to the rules for a particular head/class of income and then aggregated to determine the total taxable income. However, losses under certain heads cannot be aggregated with income earned under other heads.
Salaries cover those that are received for services rendered and include wages, pension, fees, commission and the taxable value of perquisites. For this purpose, valuation rules for certain standard perquisites, typically provided by employers in India, have been issued. Standard deduction is available from the salary income. The amount of deduction depends upon the amount of salary earned.
Income from house property includes income arising from use of residential and commercial property. Only two prescribed deductions are permitted while computing the income.
Profits and gains from business or profession covers income earned from business or profession net of permissible deductions, against the revenue earned. In addition, general non-specified revenue expenses, incurred for the business are also deductible.
Capital gains cover gains arising from transfer of capital assets. The period of holding determines the classification of the asset, which then determines the manner of taxation. Capital assets held for less than 36 months (12 months in case of shares/securities) are treated as short-term assets. Other capital assets are categorized as long-term capital assets. Long-term capital gains enjoy a lower rate of tax. This may further be reduced by making prescribed investments.
Sale of certain specified investments are subject to gross basis of taxation, under which tax is levied on value of transaction. Gain arising from transactions subject to gross basis of taxation is entitled to concessional tax treatment under income tax.
Income from other sources is the residuary head/class of income and covers any income not specifically dealt with under the other heads. A deduction in respect of expenses incurred for earning the income, is available.
Individuals
Individuals are liable to tax in India at different rates of tax as under:
Taxable income slabs (In Rupees) Rates of Tax
0 - 100000* Nil
100001 - 150000 10.2 per cent
150001 - 250000 20.4 per cent
250001 - 1000000 30.6 per cent
1000000 and above 33.66 per cent
* Basic exemption limit in case of women is INR 135, 000 and in case of senior citizen INR 185, 000
* Special rates/ exemptions apply in case of long-term/ short-term capital assets. Individuals are also liable to surcharge as discussed subsequently.
* Non-resident individuals may also be liable to tax in India on a gross basis depending upon the type of income received.
Foreign Nationals
Indian tax law provides for exemption of income earned by foreign nationals for services rendered in India, subject to prescribed conditions. For example
* Remuneration from a foreign enterprise not conducting any business in India provided, the individual's stay in India does not exceed 90 days and the payment made is not deducted in computing the income of the employer;
* Remuneration received by a person employed on a foreign ship provided his stay in India does not exceed 90 days;
* Remuneration of foreign diplomats, consular staff, trade officials and their staff and family; and
* Income of an employee or consultant of a government approved foreign charitable institutions.
Companies
Resident Companies
Indian resident companies are liable to tax at 33.66 per cent on net basis. Additionally, companies are also liable to dividend distribution tax (DDT) at 14.025 per cent on the amount of profits distributed to shareholders.
Non-resident Companies
Non-resident companies are typically liable to tax at 41.82 per cent on net basis. Non-resident companies may be taxed on a gross basis or on a presumptive basis in certain cases. However, income from long-term capital gains is taxable at the rate of 20.91 per cent.
Kinds of Taxes
Annual Tax
An annual tax is levied on income earned, for a financial year, on the various taxpayers listed above as per the rates declared by the annual budget. The rates for the financial year 2005-06 are as stated in the section dealing with "Taxation of different taxpayers". The rates would vary with each budget. The annual tax is payable in advance by way of quarterly installments during the financial year. The quarters would vary depending on the taxpayer involved e.g. in the case of companies the payment for the first quarter would fall on 15 June of the financial year involved.
Minimum Alternate Tax (MAT)
The domestic tax law also requires companies to pay MAT in lieu of the regular corporate tax, in a case where the regular corporate tax is lower than the MAT. MAT is computed on the book profits; subject to certain prescribed adjustments at the rate of 8.415 per cent in the case of domestic companies and 7.841 per cent in case of non-resident companies; MAT paid in any year is now available as credit in any subsequent year.
Dividend Distribution Tax (DDT)
Dividends are currently exempt from taxes in India. However the company paying the dividends is required to pay DDT on the amount of dividends declared, at the rate of 14.025 per cent. DDT is a tax payable on the dividend declared, distributed or paid.
thanks
cabos real estate
Panam Real Estate
2nd March 2009 From India , Delhi
Please log in the web site of Chennai Corporation for authentic details. S. Krishnamoorthy
4th March 2009 From India , Madras
4th March 2009 From India , Madras
I want to know the procedure of Professional Tax depositing in Noida (UP). So, if you can help me in this regard then please do the needful. Thanks & Regards, Mukesh Saxena (M.No. 9990009785)
27th March 2009 From India , Delhi
27th March 2009 From India , Delhi
Hi Guys,
This is Uday from Hyderabad, I have a doubts about Professional Tax in Andhrapardesh. Please give me the details about this professional tax rates, slabs and the excemptions.
Thanks&Regards
Uday.
3rd June 2009 From India , Hyderabad
This is Uday from Hyderabad, I have a doubts about Professional Tax in Andhrapardesh. Please give me the details about this professional tax rates, slabs and the excemptions.
Thanks&Regards
Uday.
3rd June 2009 From India , Hyderabad
hi , pls find the slabs which I had got thru this discussion only rgds, sridhar
9th May 2010 From India , Madras
9th May 2010 From India , Madras
Hey I believe Professional tax rates are same accross metro politan cities and IInd tier cities. I mean most of the indian states.
30th August 2010 From India, Mumbai
30th August 2010 From India, Mumbai
Hi All,
New professional Tax slab for Odisha circle year 2010
(i) do not exceed Rs.1,60,000/PA- Nil
(ii) exceed Rs.1,60,000/PA- but do not exceed Rs.3,00,000/PA- Rs.125/- per month
(iii) exceed Rs.3,00,000/PA- Rs.200/- per month and Rs. 300/- in the 12th month.
Thanks
Giridhari
17th November 2010 From India , Gwalior
New professional Tax slab for Odisha circle year 2010
(i) do not exceed Rs.1,60,000/PA- Nil
(ii) exceed Rs.1,60,000/PA- but do not exceed Rs.3,00,000/PA- Rs.125/- per month
(iii) exceed Rs.3,00,000/PA- Rs.200/- per month and Rs. 300/- in the 12th month.
Thanks
Giridhari
17th November 2010 From India , Gwalior
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