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.
For the Employment Period – 01/04/2015 onwards
1. For the Employment Period – 01/04/2006 to 30/06/2009
2. For the Employment Period – 01/07/2009 to 30/06/2014
3. For the Employment Period – 01/07/2014 to 31/03/2015
Note: (a) rupees two hundred per month except for the month of February (b) rupees three hundred for the month of February b. Other Months – 200 Per Month b. Other Months – 200 Per Month b. Other Months – 200 Per Month 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
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