ram patil 02 April 2019
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.
Prakash Gehani (Consultant & Teacher(Whatsapp 8718057907)) 02 April 2019
calculation will be as
Total Salary 600000
less: PT 2500
less: 80C -
less: ded. 50000(for fy 2019-20)
tax upto 5 lac 12500
above 5 lac 9500
add: cess 880
total tax 22880
PRAKASH RATHORE (Student Cum Accountant ) 03 April 2019
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