What is slab rate of professional tax?
Which states impose professional tax and what are the tax slabs?
| State | Income per Month | Tax Rate/Tax Amount (per month) |
|---|---|---|
| Karnataka | Up to Rs. 15,000 | Nil |
| Rs. 15,001 onwards | Rs. 200 | |
| Kerala (Half yearly income slabs and half yearly tax payment) | Up to Rs.11,999 | Nil |
| Rs.12,000 to Rs.17,999 | Rs.120 |
How is professional tax calculated?
For example, if you are a working professional in Gujarat earning Rs. 20,000 a month, your monthly professional tax will amount to Rs. 200 and your annual professional tax will be Rs. 2400.
Who is exempt from professional tax Gujarat?
It will be applicable to small factory owners, traders, employers, professionals working under the jurisdiction of local self-government ranging from gram panchayats to municipal corporations. This is an opportunity to get exemption for corrections and omissions by those who fear penalty.
Who are all eligible for professional tax?
Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax.
Who is exempt professional tax?
The following individuals are exempted to pay Professional Tax: Parents of children with permanent disability or mental disability. Members of the forces as defined in the Army Act, 1950, the Air Force Act, 1950 and the Navy Act, 1957 including members of auxiliary forces or reservists, serving in the state.
What is PT 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 is salary slip calculated?
CTC = Earnings + Deductions Here, Earnings = Basic Salary + Dearness Allowance + House Rent Allowance + Conveyance Allowance + Medical Allowance + Special Allowance. Given below is a simple example of a salary slip showing all the basic breakups under two heads, earnings and deductions.
What is total salary?
Total Salary means your current Base Salary plus your current target annual cash bonus assuming 100% corporate and individual achievement. Total Salary means the total amount of salary paid Executive in the prior 12 months.
Is base salary net or gross?
Is base pay gross or net wages? Gross pay is the amount an employee earns before taxes and other deductions are subtracted. Net pay is the amount the employee takes home after everything is subtracted. An employee’s base compensation is part of both gross and net wages.
What’s a basic salary?
A basic salary is the amount of money you earn before any add-ons or deductions. One may earn a certain amount and then get dividends from shares or overtime remuneration. Those at a junior level usually take a higher percentage of their basic salary compared to those at senior level.
What is CTC salary example?
It is calculated by adding salary to the cost of all additional benefits an employee receives during the service period. If an employee’s salary is ₹500,000 and the company pays an additional ₹50,000 for their health insurance, the CTC is ₹550,000. Employees may not directly receive the CTC amount.
What is net salary?
Net pay is the amount of money your employees take home after all deductions have been taken out.
Is basic salary yearly or monthly?
Salaried employees vs. A salaried employee is offered a base salary, usually annually, and is expected to work for a set number of hours per week. Working hours aren’t usually monitored explicitly and are set around 35-40 hours per week. Each month, the payment is the same.
What is the minimum basic salary?
Latest Minimum Wages for Shops & Establishment in Karnataka
| Class of Employment | Zone | Basic Per Day |
|---|---|---|
| Skilled | Zone I | 539.28 |
| Skilled | Zone II | 513.60 |
| Skilled | Zone III | 489.14 |
| Skilled | Zone IV | 465.85 |
What is fixed salary?
Fixed Pay is the accrual salary mentioned in the salary slip with basic and multiple allowances. It is the same amount received every month by the employees. Fixed pay includes; Basic pay, DA (Dearness Allowance), HRA (House Rent Allowance), Conveyance Allowance, other special allowances, etc.
Is salary calculated for 30 days or 31 days?
In some organizations, the per-day pay is calculated as the total salary for the month divided by a fixed number of days, such as 26 or 30. In the fixed days method, an employee, whether he joins or leaves the organization in a 30 day or a 31 day month, will get the same pay amount for the same number of pay days.
What is a monthly salary?
Monthly salary means the monthly salary and special pay and shift differential, or the monthly equivalent for hourly employees. Monthly salary does not include overtime pay, callback pay, standby pay or performance bonuses.