2024 Professional tax interest rate

Professional tax interest rate

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August undefined, 2024

WebbTax Payable: ₹ 38,500 Advance Tax Paid: ₹ 20,000 (which is only 51.9 % of tax payable) Penalty to be applied for: ₹ 38,500 – ₹ 20,000 (Advance Tax that is paid already) = ₹ 18, 500 Late Payment Interest: 1 % * ₹ 18,500 * 5 months = ₹ 925 Interest under Section 234C Webb8 apr. 2024 · These might include a financial advisor, account, insurance agent, estate lawyer, real estate brokers & sponsors, etc. One word of caution: make sure your financial advisor is a fiduciary. You’ll have the peace of mind of knowing someone is truly looking out for your financial interests. 6. Stay Informed.

Professional Tax Rates in India for the Year 2024-23 - Vakilsearch

WebbFailure to deduct or pay professional tax may incur a simple interest of 2% (each month) of the tax due amount or part of the remaining unpaid tax period. In addition, non-payment … WebbIf an employer or enrolled person fails to pay tax as required under the law, he will be liable to pay simple interest @ 2% per month or part thereof on the amount due up to … no water cooler

Professional Tax - Meaning, Slab Rates and Applicability

Webb29 nov. 2024 · Professional Tax: 2024 Slab Rates, Exemptions & Applicability In India. Professional tax in India is levied on anyone who is employed. From professionals such as accountants, lawyers, etc. to traders and business persons. However, professional tax is applicable only if the income crosses a certain limit, just like Income Tax. WebbBusiness entities in Odisha are required to deduct Professional Tax from the monthly salary from their employee at the applicable rates and deposit the same into the appropriate Head of account of State Government through Odisha Treasury every month. For the applicable rates, please refer to the rate chart. Entities registered under GST or … WebbLate filing of professional tax return will attract a penalty of Rs. 1,000. A penalty of 10% will apply in case of late payment of professional tax dues. Additionally, an interest on late payment can be levied at up to 1.25% per month. Due Date for Payment of Professional Tax Maharashtra nick saban overall record at alabama

Professional Tax: Slab Rates, Exemptions & Applicability In India

Professional Tax Slabs & Rates FY 2024-21 WealthTech Speaks

Webb7 aug. 2024 · PTax Professional Tax Calculation formula in Excel Add Ins Free Download. August 7, ... Loan rate (1) Log book (1) Maharashtra (2) Minimum Wage (15) Minimum Wages Delhi (2) Min wages (1) new tax regime (2) No interest is given on EPS ... Webb11 apr. 2024 · However, interest paid on housing loan taken for a rented-out property can be claimed as deduction under section 24(b) in the new tax regime as well," he added. no water cork cityWebbIf an enrolled person/registered employer fails to pay the tax in time he shall be liable to pay simple interest @ 1.25% of the tax payable for each month for which the tax remains unpaid. The Commissioner is empowered to reduce/waive this interest in respect of any period, after recording reasons. no water coolant

"Webb25 maj 2024 · In contrast, if you work in Maharashtra earning the same amount, your professional tax will be Rs. 200 for 11 months and Rs. 300 in February, with a total annual tax amounting to Rs. 2,500. There are also some exemptions under professional taxes. For instance, professional taxes aren’t deducted from the salary of individuals over 65 years … " - Professional tax interest rate

Professional tax interest rate

Professional Tax: Tax Slab Rates & Payment Procedure - Tax2win

Webb28-A Fee for Clarification of rate of tax 29. Refund of tax. 30. Offences and composition of offences PART VI . Procedure for recovery 31. Definitions 32. -100 Forms ... Notice of demand for payment of tax/ Interest /penalty under the Karnataka Tax on . Professions, Trades, Callings and employments Act, 1976. 9. Challan, original (For the Payer) Webb17 mars 2024 · Interest on Late Payment of Professional Tax – He is liable to pay interest at the rate of 18 % per annum for such delayed period along with penalties prescribed Non Deposition of Amount. – The officials have power to recover such amount along with applicable penalty and interest from the assets of such defaulter.

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Webb18 feb. 2013 · The interest for late payment of tax or any additional demand of tax raised in assessment is 1.25% p.m. with effect from 1-7-2004 (2% p.m. up to 30-6-2004.) If any refund is due from any order in respect of period 1.4.2004 and onwards then interest on refund @ 6% p.a. is receivable by such person entitled to refund, for maximum 18 months. WebbIn case of any delay in depositing this tax in West Bengal Government, Interest at 1% pm would be levied. A penalty of 50% of the total amount due may also be levied by the West …

WebbCORE EXPERTISE Board level experience as a respectful challenger, Audit and Risk committees. Well rounded Finance and Banking professional with a foundation on Wall Street and a diversity of experience on 3 continents combining the confluence of Capital Markets, Interest Rate, FX, Credit, Market Risk Management, Accounting, Corporate and … WebbIf there is a delay in registration, the interest of 1.25% applies for every month. Delays in non-payment of professional tax attract a 10% penalty. In case there is a delay in the filing process, the penalty amount can range from Rs 1000 to Rs 2000.

Webb15 feb. 2024 · A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. Profession Tax Is Deductible Under Section 16 (iii) Of The Income Tax Act … Webb11 apr. 2024 · Under Article 276 of the Indian Constitution, the state governments are empowered to decide the rate for the professional tax in the state. The maximum amount that can be charged under this tax regime is Rs. 2500. In a few states, this tax is even levied on the basis of source of income.

Webb12 feb. 2024 · Professional Tax -Assam is payable at the rate of Rs. 208/- for first 11 months and Rs. 212/- in the last month. Bihar Professional Tax Slab Rates for Financial Year 2016-17 Chattisgarh Professional Tax Slab Rates for Financial Year 2016-17 Goa Professional Tax Slab Rates for Financial Year 2016-17

Webb66 rader · Present Slabs Rates of Profession Tax: 1. Profession Tax Enrollment Certificate – Rs.2500/- every year 2. Profession Tax Registration Certificate – For Male Employees, … no water cookwareWebbLegal practitioners, Solicitors, Notaries, Tax Consultants, Chartered Accountants, Technical and Professional Consultants, Engineers, RCC Consultants, Architects, Management Consultants, Estate Agents, Chief Agents, Principal Agents, Special Agents, Insurance Agents, Surveyors or Loss assessors registered or licensed under the Insurance Act, … nick saban nfl returnWebb18 jan. 2024 · In India, the current tax rates for individuals and businesses range from 10% to 30%. These rates are reviewed and updated annually by the Indian government. The main taxes that Indian citizens pay are the Central Sales Tax (CST) and the Value Added Tax (VAT). The CST is a tax levied on goods and services sold in the country. no water crowboroughWebb2 okt. 2024 · Domestic corporations paying certain types of income to non-residents are required to withhold tax. Unless a lower treaty rate applies, interest on loans and rentals from movable property are subject to WHT at the rate of 15%. Royalty payments are subject to WHT at the rate of 10%. no water crawley downWebbProfession Tax Rates, Maharashtra. Monthly salaries or wages. Tax Rate. Upto ₹ 7,500. Nil. ₹ 7,501 to 10,000. 175 per month (Nil for women, Exemption upto Rs.10,000) ₹ 10,001 … nick saban on tennessee gameWebb18 dec. 2024 · As a general rule, UK domestic law requires companies making payments of UK-source interest to withhold tax at 20%, regardless of where they are resident. However, there are a number of exceptions to this general rule. no water ct10WebbThe Constitution empowers the levy of Profession Tax subject to a maximum of Rs.2500/- p.a. and a minimum slab of as low as Rs.110/- p.a. This is an equitous levy based on the principle of ability to pay. The tax payers fulfill their Income Tax obligations by 31st March. no water crops