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- What is the financial year corresponding to assessment year 2008 2009?
- How is professional tax calculated?
- What is tax slab?
- What is PF and PT in salary?
- Is standard deduction of Rs 40000 applicable to pensioners?
- What is the tax treatment in the hands of the equity shareholders in case of sale of bonus shares?
- How much is the professional tax in India?
- What is salary for PT calculation?
What is the financial year corresponding to assessment year 2008 2009?
Income tax 2008-09 (assessment year 2009-10)
How is professional tax calculated?
A professional tax is calculated on the basis of your salary and predetermined slabs. You can have to pay anything between ₹ 200 to ₹ 2500 a month.
What is tax slab?
Slab system means different tax rates are prescribed for different ranges of income. ... Income tax has classified three categories of “individual “taxpayers such as: Individuals (aged less than of 60 years) including residents and non-residents. Resident Senior citizens (60 to 80 years of age)
What is PF and PT in salary?
In this article, we will look at the features within Zoho Payroll that help you with the four statutory regulations: Employees' Provident Fund (PF), Professional Tax (PT), Labour Welfare Fund (LWF), and Employee State Insurance (ESI).
Is standard deduction of Rs 40000 applicable to pensioners?
In the Union Budget 2018, a standard deduction of ₹40,000 was introduced for salaried employees, which was increased to ₹50,000 in the subsequent Budget. Although, this deduction is available to salaried employees, senior citizens can also claim it.
What is the tax treatment in the hands of the equity shareholders in case of sale of bonus shares?
The Capital Gains Tax on the sale of Right Shares would be computed in the same manner as Capital Gains on the sale of Bonus Shares except for the fact that in case of Bonus Shares, the cost of acquisition for acquiring the bonus shares is Nil, whereas in case of Right Shares the cost of acquisition for acquiring the ...
How much is the professional tax in India?
A maximum of Rs. 2,500 can be levied as professional tax on any person per financial year. According to Section 16 (iii) of the Income Tax Act 1961, the profession tax paid by an employee is allowed as a deduction from his/her gross salary income.
What is salary for PT calculation?
The professional tax is determined by the gross monthly income corresponding to the income slab, as per the state where you are employed. So, if your gross income every month is Rs. 30,000 and you are working in Maharashtra, you are liable to pay Rs. 200 every month except February.
