Updated Professional Tax Rates in Maharashtra, Latest Professional Tax Rates in Maharashtra. This article is very much specifically for the changes in the professional tax rates which have been amended and the updated rates and the criteria for charging the same are mentioned below. Please take note of it and deposit to the state government as per the below mentioned sample calculation.
Updated Professional Tax Rates in Maharashtra
What is Professional Tax and Who Needs to Pay to Whom?
It is the Tax which is levied by the State on the income which is earned by way of profession or by any other name called. Every person who is liable to pay tax on their own income would be liable for paying the professional tax to the government. In case of body corporates, the tax needs to be paid by the employer to the state government (prescribed authority) and in case of other persons, the person himself is required to get the payment done to the respective authority.
The major advantage of the professional tax payment is that it is allowable as deduction under Section 16 of the Income Tax Act.
The following are the rates for the relevant period for the State of Maharashtra.
Must Read – What is Professional Tax?
For the Employment Period – 01/04/2015 onwards
| Monthly salary (in Rs.) | Tax (in Rs. Per month) |
|---|---|
| Up to 7,500 for men | Nil |
| Up to 10,000 for women | Nil |
| 7,500 to 10,000 | 175 |
| Exceeds Rs 10,000/- | 2,500 per annum to be paid in following manner
(a) rupees two hundred per month except for the month of February (b) rupees three hundred for the month of February |
1. For the Employment Period – 01/04/2006 to 30/06/2009
| Person Type | Amount of Tax (in Rs.) |
| Salary or Wages which are – | |
| a. <=2500 | Nil |
| b. >2500 to <=3500 | 60 Per Month |
| c. >3500 to <=5000 | 120 Per Month |
| d. >5000 to <=10000 | 175 Per Month |
| e. >10000 | a. February Month – 300
b. Other Months – 200 Per Month |
2. For the Employment Period – 01/07/2009 to 30/06/2014
| Person Type | Amount of Tax (in Rs.) |
| Salary or Wages which are – | |
| a. <=5000 | Nil |
| b. >5000 to <=10000 | 175 Per Month |
| c. >10000 | a. February Month – 300
b. Other Months – 200 Per Month |
3. For the Employment Period – 01/07/2014 to 31/03/2015
| Person Type | Amount of Tax (in Rs.) |
| Salary or Wages which are – | |
| a. <=7500 | Nil |
| b. >7500 to <=10000 | 175 Per month |
| c. >10000 | a. February Month – 300
b. Other Months – 200 Per Month |
Note:
Where a person is covered by more than provisions above than the Highest Rate specified under any of those provisions shall be applicable and the person shall be liable for the payment of the same. For the calculation of sales and purchases, the term “turnover” would include the sales and purchases of the previous year and if no such previous year than the professional tax would be Rs. 2000.
Consequences for the Non Payment of Tax:
The late payment of the tax would be accepted by the authority by paying interest @ 1.25% per month and if the authorities found it as a fraud than they can impose the penalty of 10% of the total amount due.
Recommended
WE HAVE ENROLLED IN PTRC IN MARCH 16 AND OUR EMPLOYEE APPOINTED IN jULY 16. OUR CA DIDNOT INFORM US TO PAY THE PTRC MONTH WHICH APPLICABLE FOR 1YEAR PLS LET US KNOW HOW TO THE PAYMENT NOW AS MARCH 30TH IS THE LAST DAY.
Dear Sir.
We are registred PTEC no Dt 31/03/2015.
Business start 08/04/15. so we are eligbale for PTEC in year of 2015-16
29/11/16 Till date we are not paid PTEC Amount so please give me how to PTEC amount paid in 2016-17 & 2017-18.