How is PTAX calculated?
How is PTAX 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. 2,400.
What is PTAX deduction?
Profession Tax Is Deductible Under Section 16 (iii) Of The Income Tax Act. According to Section 16 (iii) of the Income Tax Act 1961, the profession tax paid by an employee is allowed as a deduction from his/her gross salary income.
What is PTAX in salary slip?
Professional tax is a tax that is levied by the state government and applies to income you earn through employment. You can often find the deduction for the same on your salary slip each month.
What is the rate of professional tax in West Bengal?
West Bengal Professional Tax Slab Rate
| S. No | Rate of tax |
|---|---|
| 1) | Nil, Nil* Rs.110 per month Rs. 130 per month Rs. 150 per month Rs. 200 per month |
| 2) | Nil Rs. 480 per annum Rs. 540 per annum Rs. 600 per annum Rs. 1,080 per annum Rs. 1,320 per annum Rs. 1,560 per annum Rs. 2,000 per annum Rs. 2,500 per annum |
How HRA is calculated?
How is Exemption on HRA calculated?
- Actual HRA received from employer.
- For those living in metro cities: 50% of (Basic salary + Dearness allowance) For those living in non-metro cities: 40% of (Basic salary + Dearness allowance)
- Actual rent paid minus 10% of (Basic salary + Dearness allowance)
How is HRA calculated in salary?
How is House Rent Allowance (HRA) Calculated?
- Actual rent paid minus 10% of the basic salary, or.
- Actual HRA offered by the employer, or.
- 50% of salary when residential house is situated in Mumbai, Delhi, Chennai or Kolkata; 40% of salary when residential house is situated elsewhere.
What is the tax rate for employees?
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
Is PTAX applicable on bonus?
You will be taxed on any bonus received from your employer as part of your salary. In contrast, any gift from the employer is treated as taxable income if the total exceeds Rs. 5,000. The Income Tax Act specifies that any gift received by an employee over Rs.
What is P tax in West Bengal?
Tax slab rate in West Bengal for salaried individuals
| Salary | Professional Tax Amount/ Slab Rate |
|---|---|
| Rs.10,000 – Rs.15,000 | Rs.110 |
| Rs.15,001 – Rs.25,000 | Rs.130 |
| Rs.25,001 – Rs.40,000 | Rs.150 |
| Rs.40,001 or more | Rs.200 |
What is the HRA of basic salary?
around 40% – 50%
If an employee does not receive a commission or a dearness allowance, then the HRA will be around 40% – 50% of his/her basic salary. The actual HRA offered, in all probability, will be the lowest of the following three provisions: The actual rent that is paid should be less than 10% of the basic salary.
