This tax is to be paid to the respective corporation municipality in which the company is situated. Profession tax in maharashtra in maharashtra maharashtra state tax on professions. Maharashtra government has presented its additional budget on 05th june 2014. Income tax rates in india and other countries tax slabs and rule. Maharashtra professional tax slab rate, latest news bankbazaar. Income tax slab rates for individual for fy 2015 16 ay 201617 income tax slab rates for individualhuf for fy 201415. In this post, we will discuss the relative changes in. Professional tax rates in maharashtra t he state of maharashtra has passed an act known as the maharashtra state tax on professions, trades, callings and employments act, 1975 with the purpose to collect revenue to be used in employment generation guarantee scheme. P rofession tax is a tax levied on a person engaged in any profession, trade, calling and employment in west bengal. Deduction of halfyearly profession tax in chennai part. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819.
The state of maharashtra has passed an act known as the maharashtra state tax on professions, trades, callings and employments act, 1975 with the purpose to collect revenue to be used in employment generation guarantee scheme. Profession tax pt is levied by local authorities such as city corporations and municipalities on employees and employers. Income tax slab rates for 2014 and 201415 by shankar bose inspector of incometax mstu, puri. Profession al tax slabs, profession al tax slabs all states, profession al tax slabs andhra pradesh, profession al tax slabs assam, profession al tax slabs gujarat, profession al tax slabs karnataka, profession al tax slabs kerala, profession al tax slabs maharashtra, profession al tax. The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. The government of maharashtra of also revised its professional tax slab rates for the financial year 2015 16. Deduction of halfyearly profession tax in chennai part i posted by gautham on february 4, 20. It offers special privileges for women professional.
Please send us new profession tax for 2015 16 slab circular, because of see the details exemption of tax female. Rate schedules under the professions tax act, 1975 department. Profession tax is the tax levied and collected by the state governments in india. The amount of incometax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. Jul 11, 2014 income tax rate chart income tax slabs as applicable for assessment year 2015 16 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies. West bengal professional tax slabs, rates, registration. The professional tax slab rates on salary and wages in maharashtra are as follows. Jul 10, 2014 in this post i restrict my subject towards new tax slabs for fy 201415. Tax slabs for financial year 201415 or assessment year 201516. April 24, 2019 professional tax rates in maharashtra. Tax rates in bangladesh for assessment year 201516 as. The tax rates are given below in the table in form2. Professional tax rates in maharashtra mumbai professional.
New professional tax slabs amendment pdf download citehr. Income tax slabs in india, new income tax slab 2018 budget rate. Jul 30, 2007 pt slab of maharashtra state pdf download. Under the act the maharashtra state tax on professions, trades. Ay 201617, the following rates were also applicable for fy 201415 ay 2015 16 latest income tax slabs in india fy 201617 or as 201718. However, this benefit of rs2,000 tax credit will not be available if you cross the income range of rs 5 lakh. 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. Rate schedule under the maharashtra value added tax mvat act. In this post the professional tax slab rate in madhya pradesh state has been discussed.
Profession tax as per kerala municipal act, 1994 section 254. The revised tax slabs for salaried employees in maharashtra are as follows. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for individual, huf, aop, boi, part. Maharashtra profession tax revision july 2014 posted by gautham on july 8, 2014. What is professional tax and professional tax slab rate in india. Income tax slab for financial year 201415 mytaxcafe.
Professional tax or pt is the tax which is applied on all types of professions such as salaried individuals of both government and nongovernmental organizations and on private practitioners such as doctors, engineers, accountants lawyers etc. Income tax slabs for fy 2014 2015 here are the slabs for the income tax for the income incurring in financial year 2014 2015. The government of maharashtra of also revised its professional tax slab rates for the financial year 201516. Maharashtra govt, has amended profession tax act wef 1. Income tax slab rates 201718 pdf download ay 201819. Maharashtra professional tax slab for financial year 201516.
Ajit pawar in his budget fm has increased minimum salary limit for profession tax from rs. Click here to save tax with hdfc lifes various online insurance products. Rates of income tax for fy 201415 ay 2015 16 as per the finance no. But for that, you need to know the rules of income tax set by the tax department.
Professional tax in maharashtra is governed by the maharashtra state tax on professions, trades, callings and employment act, 1975 which came into effect from 1 st april 1975. Income tax exemptions for fy 201617 and list of deductions, rebates and benefits for ay 201718. Income tax rates and tax slab for financial year 201617 assessment year 201718 as per budget proposal 201617 new. Union budget 2014 has come with few changes to cheer up for common man. Here is the income tax slab for the financial year 201617 or assessment year 201718, which will help you find. Mar 07, 2016 maharashtra professional tax slab rate fy 201516 professional tax calculation chart for state of maharashtra. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. Proessional tax slab rate for the state of maharashtra is levied as per constitutional power under clause 2 of article 276 where state are empower to charge the professional tax as per the slab rate defined time to time. We give below the income tax rates and slabs applicable for the fy 2015 16 or ay 201617. As per the as per kerala municipal act, 1994 section 254 it is mandatory for all employees who are drawing a half yearly salary of more than rs. Chhattigarh professional tax rates, slabs, returns, act. Bihar, west bengal, andhra pradesh, telangana, maharashtra, tamil nadu, gujarat. Collection of professional tax in maharashtra has registered a. For more information on professional tax slab, please refer to our other blog on the topic.
Professional tax for the financial year 201516 wealthtechspeaks. Professional tax which state slab pt will applicable as per maharashtra contractor office or gujarat. He is required to deduct the amount of tax from the salaries of all employees except those who are drawing a salary of less than rs. Deduction of halfyearly profession tax in chennai part i. Dealers including owners of any millsindustry within the meaning of of a sales tax law in assam such dealers whose annual gross turnover of all sales is. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Marginal rise in professional tax collection in 201516 the. Professional tax slab rate in madhya pradesh 201617. In this post i restrict my subject towards new tax slabs for fy 201415. In the fy 201516, it was rs 2000, now the tax rebate is rs 5000. Tax rates in bangladesh for assessment year 2015 16 as per finance act 2015 a tax other than company. Income tax rates for fy financial year 2015 16 ay assessment year 201617,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess.
While some states might charge it as a percentage value, other states tend to charge it as a fixed amount based on income slabs. Mar 07, 2016 gujarat professional tax slab rate fy 201516 as per the income tax rule by clause 2 of article 276 of the constitution of india professional tax is a specific type of tax which is levied by the state in india on the income earned through profession or employment. Debit card emi moratorium how to check your income tax slab hdfc bank loan emi. The following are the professional tax rates in key states in india. Income tax slabs income tax rates fy 201516 av 201617.
This year as well, the indian finance minister nirmala sitharaman announced multiple changes that have taken place in the budget. 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. Income tax slabs in india, new income tax slab 2018 budget. Incometax slab rates for individual for fy 201516 ay 201617 income tax slab rates for individualhuf for fy 201415. For individuals other than female taxpayers, senior taxpayers of 65 years and above, retarded taxpayers and gazetted warwounded freedom fighter, income tax is payable for the. The government announced that taxpayers with an annual income tax slab of more than rs. However, the surcharge shall be subject to marginal relief where income.
Notwithstanding anything contained in schedule, where a person is covered by more than one entry in this schedule, the highest rate of tax specified under any of those entries shall be applicable in his case. It offers special privileges for women professional tax payers. The corporation of chennai will assign a permanent number in the style of ptnan. Income tax rates in india and other countries tax slabs. Profession al tax slabs for different states in india. Similarly, in case of yearly return say for financial year 201516, salary is to be.
As there was no change in income tax slabs for fy 2015 16 i. 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. Income tax slab tells the tax rate at which you have to pay tax on income. Latest income tax slabs and rates for fy 201516 and ay 201617. Normal rates of tax applicable to all individualshuf who are less than 60 years of age. Pt is calculated on the basis of the earned gross salary of employees.
Jul 02, 2018 but for that, you need to know the rules of income tax set by the tax department. However, the surcharge shall be subject to marginal relief where income exceeds one crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as. Income tax slab rates for individualhuf for fy 201415. Tax slab ay 201617 individualhufboiaopajp india itr. Maharashtra professional tax slab rate fy 201516 professional tax calculation chart for state of maharashtra. Tax rates in bangladesh for assessment year 201516 as per. Tax rates in bangladesh for assessment year 201516 as per finance act 2015 a tax other than company. Although there is no change in the rate of tax, surcharge or cess but the maximum amount which is not chargeable to tax is increased by rs. Maharashtra professional tax slab rate, latest news.
Hra income tax exemption calculation for employees and professionals. Based on the gross income declared by the half yearly profession tax will be calculated as per the table given below. In 201516, it went up by just rs 3 crore to rs 2,169 crore. The government came up with the decision to limit supply of under priced fuel to cut subsidies. For all other class of individuals, maharashtra state govt has prescribed different slab rates and the individual is himself liable to pay. Income tax slab 201718 for individuals, senior citizens and. Income tax slabs and rates for fy 202021 bankbazaar. Professional tax in maharashtra pdf hi all, i have found soft copies of maharashtra state tax on professions, trades, callings and.
The government of maharashtra has introduced changes to profession tax rates effective 01july2014. Kindly note that the offices of return and recovery branches are shifted. As this tax is a state subject, the rate of profession tax varies from one state to another. In this post, we will discuss the relative changes in the tax slab for 201617 for different entities. Income tax slab for financial year 201415 posted on.
Income tax slab rates for ay 201718, fy 201617 income tax slab rates for assessment year 201718 income tax slab rates for financial year 201617 no change in income tax slab the income tax slab for individuals, females, senior citizen remains same in the fy 201617. Latest income tax slab rates for individual resident india. The current assessement year is ay 201819 fy 201718. Latest income tax slabs and rates for fy 201516 and ay. Information about statutory compliance, taxation, tds, etds, revised tds return, itr, xbrl, pf, esic, profession tax, service tax, hr, payroll, fixed asset, depreciation. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Can you please send me the professional tax slab 20082009. Updated profession tax rates in maharashtra taxguru. 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 slabs for indian states sensys blog. What is professional tax and professional tax slab rate in. Gujarat professional tax slab rate fy 201516 as per the income tax rule by clause 2 of article 276 of the constitution of india professional tax is a specific type of tax which is levied by the state in india on the income earned through profession or employment. Employers are required to deduct profession tax, at prescribed rates, from. Income tax slabs and rates for fy 202021 last updated. Rates of incometax for fy 201415 ay 201516 as per the finance no. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 2015 16. Lets look at the professional tax slabs of the states which levy the. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. Income tax slabs for the financial year 201415 and assessment year 201516 mytaxcafe. The following income tax slabs are applicable for the financial year 201819 i. Income tax rates for fy financial year 201516 ay assessment year 201617,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Income tax slab rates for fy 201718 ay 201819 india. Income tax slabs income tax rates and deductions for fy.