What is professional tax in MP?

What is professional tax in MP?

Professional Tax Slab Rate in Madhya Pradesh:

Monthly Salary/Income	Professional Tax Levied
Up to Rs.18,750	Nil
Rs.18,751 to Rs.25,000	Rs.125
Rs.25,001 to Rs.33,333	Rs.167
Rs.33,334 and above	Rs

How much professional tax is deducted from salary in MP?

Madhya Pradesh Professional Tax Revised Slab Rate

Annual Salary	Annual PT
Below Rs. 2,25,000	NIL
Rs. 2,25,000 – Rs. 3,00,000	1500
Rs. 3,00,000 – Rs. 4,00,000	2000
Above Rs. 4,00,000	2500

What is the interest rate for professional tax?

1.25% per month

What is PT deduction in salary slip?

Professional Tax: All You Need to Know. When you take a look at your payslips, you will notice a small deduction mentioned on it, along with the other components like HRA, conveyance and basic salary break ups. This deduction is usually around Rs. 200 and is termed as professional tax.

How do I file a PT return?

A step-by-step guide on how to pay professional tax

1. Highlights.
2. Locate the professional tax website for your state.
3. Fill the professional tax payment form carefully.
4. Verify the information and pay professional tax online.
5. You can also pay this tax at the district sales tax office.

What is PTEC return?

Pursuant to the amendments in the 1975 Professional Tax Act , a person (natural / legal) registered under the MGST Act is liable to register for Professional Tax Enrollment Certificate (PT-EC) and pay Rs.2500 annually. Furthermore, if the business has any.

How do I file a Ptrc return in Mahagst site?

IV. Uploading of . txt file and submission of return:

1. Go to mahagst.gov.in/en;
2. Click on “Menu” button available on the home page;
3. Move the cursor on “Login for e-Services” tile;
4. Click on “Log in for VAT & Allied Acts”;
5. Enter your Login credentials;

Is there any return for PTEC?

Every employer, employing even a single person, whose salary is above the prescribed minimum slab, is required to enrol for this type of registration known as Professional Tax Registration Certificate (PTRC). PTEC system requires only payment of tax and no separate filing of returns.

How can I pay my PTEC for 5 years?

Payment Procedure

1. Step 1: Login to the website.
2. Step 2: Click E-payments Tab.
3. Step 3: Enter the PTEC TIN.
4. Step 4: Enter the PAN.
5. Step 5: Change Trade Name.
6. Step 5: Selecting Schedule Entry.
7. Step 6: Selecting Number of Years.
8. Step 7: Select Location.

Who is liable for PTEC?

Who is liable for PTEC registration? Ans: As per the amendments in the Profession Tax Act 1975, a person (natural / legal) registered under MGST Act is liable to enrol for Profession Tax Enrollment Certificate (PTEC) and pay Rs.

Is it mandatory to file Ptrc return?

ptrc 2. ptec.

How will you check periodicity of Ptrc Return 2020 21?

For E.g Return for FY 2020-21 shall be furnish on or before 31st March 2021 if total liability in previous year was less than Rs 1,00,000/- ….

Amount of PTRC liability for the FY 2020-21	Due Date and Type of Return
First Year of Registration	Monthly returns before last day of month

What is difference between Ptrc and PTEC?

Key Difference: PTRC stands for Professional Tax Registration Certificate, and PTEC stands for Professional Tax Enrollment Certificate. A business usually requires both to conduct business. The PTEC, on the other hand, allows the company to pay the company’s and their director’s professional tax.

Is TDS equal to income tax?

TDS represents only a part of the income tax an individual is liable to pay to the government at the end of the financial year. So, the next time someone mentions income tax and TDS interchangeably, the onus is on you to correct them.

Do I need to pay tax after TDS?

If TDS of a person is deducted and Refund arises, same can be claimed, by filing Income Tax Return. If Interest received is not exceeding Basic Exemption Limit then it is not necessary to file Income Tax Return. But if TDS is deducted on the Interest then he has to file Income Tax Return for getting refund.