Tds & pt (professional tax)

773 views 6 replies

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

Replies (6)
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
yes and for PT monthly 200 and in Feb month 300
but your tax calculation is wrong
you missed out Standard deduction of 40000
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

I understood that let me suggest how to find out cess amount of Rs. 800/- which basis calculate this figure.

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

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

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