Tds & pt (professional tax)



Hello sir,

 

If some one got salary 50000 per month and he is Salaried person.

so, there 50,000 X 12 = 6,00,000/- In that case 

tax nill on 2,50,000 remainning 3.50,000/-  we deduct @ 5% tds which is Rs.17,500/-

In monthly case, if we pay 50000/- that person that means we deduct 1458 tds. am I right or wrong.

after that how much amount deduct for PT (professional tax)

please suggest anyone.

 

 

Regards,

Ram

 
Reply   
 
Consultant & Teacher(Whatsapp 8718057907)

calculation will be as
Total Salary 600000
less: PT 2500
Net 597500
less: 80C -
less: ded. 50000(for fy 2019-20)

Taxable 547500

tax upto 5 lac 12500
above 5 lac 9500

total 22000
add: cess 880

total tax 22880
 
Reply   
 
Student CA Final

yes and for PT monthly 200 and in Feb month 300
but your tax calculation is wrong
you missed out Standard deduction of 40000
 
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Student Cum Accountant

i think pt monthly liability arise as 208 Pm as i am Deducting in Mp Govt

and i think Above Calculation is right as Standard Deduction allowed 50k (fy 19-20) 40k (fy 18-19) as amended in finance act
 
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I understood that let me suggest how to find out cess amount of Rs. 800/- which basis calculate this figure.

 
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Consultant & Teacher(Whatsapp 8718057907)

cess @ 4% on Tax.
i.e. 4% on Rs. 22000.
 
Reply   
 

That means whatever tax amount as per rule calculate 4% for cess right.

 
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