Income tax slab for financial year 201415 posted on. The maharashtra tax on entry of motor vehicles into local areas act, 1987. Please note that the rates of profession tax are amended and the new rates will be effective from 01. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. If individuals dont take exemptions and deductions, they would be taxed at reduced tax rates.
The new itr forms have been released by cbdt for fy 201415 income tax returns filing. Tds rates for payments of salary wages and other payments for ay 202021. Monthly salary gross amount to be paid as professional tax per month. Online civic services welcome to greater chennai corporation. Professional tax slab rates in india for financial year. April 24, 2019 professional tax rates in karnataka. Different states have varying methods of calculating professional tax. We want slab of profession tax in gujarat, rajasthan and madhya pradesh latest as on today. Income tax slabs and rates for ay 202021, ay 202122 and ay 201920. Maharashtra professional tax slab rate, latest news.
The maximum rate of income tax is capped at 30% in india, though surcharge and educational cess are also applicable if you earn over rs. Fy 201415 has seen some changes in the applicability of tax slabs for different entities such as individualshuf, trusts, firms, companies etc. Moreover, the state may change the tax rates every year. Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 201516. Here are the latest telangana professional tax slab rates as per the telangana tax on profession, trades, callings and employment act 1987 for the year 2019 and also find due date for payment of professional tax in telangana. Dealers liable to pay tax under the west bengal sales tax act,1994 west bengal act xlix of 1994 or the central sales tax act, 1956 74 of 1956i such dealers other than those mentioned in subitem ii whose annual gross turnover of sale is. Tax slabs for financial year 201415 or assessment year 201516.
Though the same slab rate is applicable for the selfemployed individuals, they need to selfdeposit the profession tax. Income tax slab in india for fy 20172018 information about latest tax brackets or current tax slabs in india with new income tax slab budget 2017 for women, senior citizen, pensioners and individual with cess rate. The employees can claim for the income tax deduction on the profession tax under section 16iii of the income tax act, 1961. The revised tax slabs for salaried employees in maharashtra are as follows. West bengal professional tax slabs, rates, registration. Income tax slabs for financial year 201415 and assessment. Are we required to pay profession tax in maharashtra for fy201718 in view of gst rollout on 1st july. In the following post, we see the rates which are applicable for different entities. Income tax amendment for the assessment year 201415. The central board of direct taxes cbdt has notified the income tax returns itr for financial year 201415 assessment year 201516. Professional tax for the financial year 201516 monday, march 30th, 2015 amritesh 179 responses 41 views professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or. There will be no surcharge on income tax payments by individual taxpayers during fy 201112 ay 2012. Income tax slab for financial year 201415 mytaxcafe.
New professional tax slab in west bengal, 2014 january 8, 2019 scheduled rates of professions tax to be recovered by ddo from the salary and wages earners as per the west bengal state tax on professions, trades, callings and employment act, 1979, commonly known as profession tax act. Tds rates ay 202021 for other than salary and wages payments to resident individual. February 5, 2019 professional tax slab rates in india. Department of goods and services tax department of goods. Income tax rates for local authority for the financial year 2014 a. The maharashtra state tax on professions, trades, callings and employments act, 1975. However, employees with a monthly gross salary above rs. For the purpose of section 179 and 167c of income tax act, 1961, tax due includes penalty, interest or any other sum payable under the act. Submission of a tax residency certificate is a necessary but not a sufficient condition for claiming benefits under the agreements referred to in sections 90 and 90a. Optional new tax regime no change in the existing tax slab rates, but a new tax regime has been proposed.
Now pay tax under ptec and ptrc together in one challan. However, in case of professionals, company, director, partners etc. Additional surcharge on income tax secondary and higher education cess on. Maharashtra profession tax revision july 2014 posted by gautham on july 8, 2014.
Maharashtra government has presented its additional budget on 05th june 2014 through its deputy chief minister and finance minister shri ajit pawar in his budget fm has increased minimum salary limit for profession tax from rs. Normally, state government imposes professional tax slab rates basis for salaried individuals and collects it monthly. Professional tax maharashtra professional tax slab in. The law which is applicable for the assessment year 201415 will apply for assessment year 201516 onwards. I have query related to deduction of professional tax on overtime. Schedule i see section 3 schedule of rates of tax on professions, trades, callings and employments. Tax is deductible and it is so deducted during april 1 and february 2829 of the financial year but it is not deposited up to march 31 of the financial year. Dear taxpayers, database of profession taxpayers is being updated. For senior citizens age 60 years or more but less than 80 years. Professional tax in india statewise professional tax.
Dear all, can anyone tell me the present income tax tariff and exemption details for the fy 201220. Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. Income tax slab tells the tax rate at which you have to pay tax on income. Professional tax rates in karnataka professional tax rates. As the professional tax levied by each state differs, the maximum amount that karnataka state can charge is rs. Income tax rates financial year 2014 incometax slabs. Further, they can not claim it for the tax deduction in their income tax returns. How to save tax for fy 201415 authorstream presentation. The government of maharashtra of also revised its professional tax slab rates for the financial year 201516. Please see the below example to understand the query. Proposed tax slab for financial year 14 assessment year 1415 for men below 60 years of age. Income tax is collected on a yearly basis as a percentage of an individuals earnings in a fiscal year april to march. Professional tax slab rates in different states updated.
New professional tax slab in west bengal, 2014 wbxpress. The maharashtra tax on the entry of goods into local areas act, 2002. The professional tax, in maharashtra, is regulated by. The west bengal state legislature enacted the west bengal state tax on professions, trades, callings and employments act, 1979 in exercise of the power conferred by the article 276 of the constitution of india under entry no. Professional tax is a tax levied on the income earned by salaried employees and professionals, including chartered accountants, doctors and lawyers, etc.
In this post i restrict my subject towards new tax slabs for fy 201415. According to section 16 iii of the income tax act 1961, the profession tax paid by an employee is allowed as a deduction from hisher gross salary income. As per the karnataka professional tax slab rates, all individuals with a monthly gross income less than rs. Income tax rates for domestic companies corporate tax rate for the financial. The government of maharashtra has introduced changes to profession tax rates effective 01july2014.
Professional tax rates for the financial year 202021 for the respective states has been discussed in this post. The state of karnataka has passed an act known as the karnataka tax on professions, trades, callings and employments act, 1976 with the purpose to collect revenue to be used in employment generation guarantee scheme. Rgds, sivakumar karunakaran24 16th june 2012 from india. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for financial year 2014.
In this post, we will be discussing the professional tax slab rates for different states of india and penalties charged in case of any delay in the payment. What i assume according to the tax slab, the professional tax cut from the salary of rs 6774 should be rs. It is collected by the state government by every individual who earns a living through mediums like trade, employment, or professional. Professional tax in india updated on may 9, 2020, 19260 views. The professional tax in telangana is applicable under the provisions of telangana professional tax act 1987. Professional tax is a tax levied at the state level in india. Professional tax slab of gujaratrevised pdf download.
Income tax calculator for india, download excel based tool. Annual professional tax in gujarat for the year 201718. P rofession tax is a tax levied on a person engaged in any profession, trade, calling and employment in west bengal. Relaxation from compulsory return efiling for certain class. Payment of accumulated balance of provident fund exceeding.
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