Am I Calculating Professional Tax Payments Correctly for Chennai? Seeking Advice

Hi Experts, can you please suggest to me whether I'm correct on the Professional Tax Due Payment calculation as follows for Tamil Nadu (Chennai):

Professional Tax Due Payment Calculation

Due Employee P.Tax + Due Directors P.Tax (Each 1250 half-yearly) + Company P.Tax (Paid-up capital 10 Lakhs of rupees Half-yearly - 1000) X 1% (Interest) X No of Due Months.

Please advise. Thank you in advance.

Professional Tax Due Payment Calculation for Tamil Nadu (Chennai)

To calculate the Professional Tax (P.Tax) due payment correctly for Tamil Nadu (Chennai) as per your provided formula, follow these steps:

1. Calculate Due Employee P.Tax: Determine the amount of Professional Tax due for each employee based on the applicable slab rates set by the Tamil Nadu government.

2. Determine Due Directors P.Tax: For each director, the Professional Tax due is 1250 rupees half-yearly.

3. Calculate Company P.Tax: The Company P.Tax depends on the paid-up capital. If the paid-up capital is 10 Lakhs of rupees, the Company P.Tax is 1000 rupees half-yearly.

4. Add the Due Employee P.Tax, Due Directors P.Tax, and Company P.Tax together.

5. Apply Interest: Multiply the total amount calculated in step 4 by 1% (interest).

6. Multiply the result by the number of due months to get the total due payment.

Ensure that the calculations are accurate and comply with the Professional Tax regulations specific to Tamil Nadu. It's advisable to consult with a tax professional or refer to the official guidelines to ensure precise calculations and timely payments.

By following these steps, you can determine the correct Professional Tax due payment for Tamil Nadu (Chennai) based on the provided formula.