Jul 022018
 

Chennai New Profession tax slab 2018

The Profession Tax assessment and collection is coming under the provision of tax on professions, trades, calling & employments, under the Tamil nadu Municipal Laws (Second Amendment) Act 1998 Profession Tax is higher source of income next to Property Tax. The Profession Tax assessment is calculated based of the Half Yearly gross income for the following categories.

  • Individuals
  • Private Establishment
  • Salaried People (Central and State Govt.)
  • Company

Every Company transacts business and every person who is engaged actively or otherwise in any Profession, Trade, Calling and Employment with the Greater Chennai Corporation city limits has to pay half-yearly Profession Tax, as per section 138 C of Tamil nadu Municipal Laws Second Amendment Act 59 of 1998. The tax rates are given below in the table in Form-2. for assessment of Profession Tax has to make an application for registration.

Based on the gross income declared by the Half Yearly Profession Tax will be calculated as per the Table given below:

After 10 Years the respective act has been amended he new slab is given below

Sl.No. Average Half-Yearly Income Half Yearly Profession tax Old Slab
Rs.
Half yearly Profession Tax w.e.f. 01.04.2018
Rs.
1 Up to 21,000 NIL NIL
2 21,001 30,000 100/- 135/-
3 30,001 45,000 235/- 315/-
4. 45,001 60,000 510/- 690/-
5 60,001 75,000 760/- 1025/-
6 75,001 and above 1095/- 1250/-

Courtesy: Prakash Consultancy Services

Jul 022018
 

Due dates for the Month of July 2018
7th
Income Tax
– TDS Payment for June
10th
GST
– Details of outward supplies of taxable goods and/or services effected – GST1 for June
– Return for authorities deducting tax at source – GSTR 7 for June
– Details of supplies effected through e-commerce operator and the amount of tax collected –
GSTR 8 for June
13th
GST
– Return for Input Service Distributor – GSTR 6 for June
15th
Provident Fund
– PF Payment for June
ESIC
– ESIC Payment for June
15th
GST
– Details of inward supplies of taxable goods and/or services effected claiming input tax credit – GSTR 2 for June
18th
GST
– Return for compounding taxable person – GSTR 4 for April to June
20th
GST
– Monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax – GSTR 3 for June
– Return for Non-Resident foreign taxable person – GSTR 5 for June
28th
GST
– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSR 11 for June.
31st
Profession Tax
– Monthly Return (covering salary paid for the preceding month) (Tax Rs. 50,000 or more)
31st
Income Tax
– TDS / TCS Quarterly Statements (Other than Government deductor) for April to June
– Return of Income for Non-Corporate assessees
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