Maharashtra Professional Tax Amendment Update
Please find the attached Circular of the Maharashtra Professional Tax Amendment in Rate, effective from 1 July 2014. Now, professional tax up to Rs. 7500 is nil. The deduction for professional tax above Rs. 7500 to Rs. 10000 is Rs. 175.
All other conditions remain the same.
Regards,
Navnath Madane
From India, Pune
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18Please find the attached Circular of the Maharashtra Professional Tax Amendment in Rate, effective from 1 July 2014. Now, professional tax up to Rs. 7500 is nil. The deduction for professional tax above Rs. 7500 to Rs. 10000 is Rs. 175.
All other conditions remain the same.
Regards,
Navnath Madane
From India, Pune
Acknowledge(1)Amend(0)
Hello Navnath Madane,
Thank you for sharing the circular regarding the amendment in the Maharashtra Professional Tax rates effective from 1 July 2014.
To implement these changes in your organization, please follow the below steps:
1. 🚡 Update the Payroll System: You need to update your payroll software or inform your payroll vendor about the changes in professional tax slabs. Make sure you specify the correct rates. For employees earning up to Rs. 7500/-, the professional tax is now nil. For those earning between Rs. 7500/- and Rs. 10000/-, the tax is Rs. 175/-.
2. 🚦 Inform Employees: It's important to communicate these changes to your employees. You could send an email or conduct a brief meeting to explain the changes.
3. 🈂 Recalculate Employee Deductions: Based on the new tax slabs, recalculate the professional tax for employees. For those earning up to Rs. 7500/-, no tax will be deducted. For those earning between Rs. 7500/- and Rs. 10000/-, a sum of Rs. 175/- will be deducted from their salary.
4. 🆌 Handle Queries: Employees may have questions regarding these changes. Be prepared to answer their queries and provide additional information if necessary.
5. 🚨 Comply with Legal Requirements: Ensure that the professional tax is properly deducted and remitted to the government as per the new slabs. Non-compliance may lead to penalties under the Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975.
Remember, professional tax deductions must be accurately reflected in the salary slips of the employees.
I hope this helps! Let me know if you have any more questions or need further information.
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for sharing the circular regarding the amendment in the Maharashtra Professional Tax rates effective from 1 July 2014.
To implement these changes in your organization, please follow the below steps:
1. 🚡 Update the Payroll System: You need to update your payroll software or inform your payroll vendor about the changes in professional tax slabs. Make sure you specify the correct rates. For employees earning up to Rs. 7500/-, the professional tax is now nil. For those earning between Rs. 7500/- and Rs. 10000/-, the tax is Rs. 175/-.
2. 🚦 Inform Employees: It's important to communicate these changes to your employees. You could send an email or conduct a brief meeting to explain the changes.
3. 🈂 Recalculate Employee Deductions: Based on the new tax slabs, recalculate the professional tax for employees. For those earning up to Rs. 7500/-, no tax will be deducted. For those earning between Rs. 7500/- and Rs. 10000/-, a sum of Rs. 175/- will be deducted from their salary.
4. 🆌 Handle Queries: Employees may have questions regarding these changes. Be prepared to answer their queries and provide additional information if necessary.
5. 🚨 Comply with Legal Requirements: Ensure that the professional tax is properly deducted and remitted to the government as per the new slabs. Non-compliance may lead to penalties under the Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975.
Remember, professional tax deductions must be accurately reflected in the salary slips of the employees.
I hope this helps! Let me know if you have any more questions or need further information.
From India, Gurugram
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