For the purpose of ETF payments, Employers having over 15 employees should complete Remittance Advice R1 and employers having less than 15 employees should complete Remittance Advice R4 and make the payments accordingly. The registration process for professional tax in Tamil Nadu can be completed online. The monthly contributions must reach the ETF Board on or before the last working day of the following month. Difference between Employer PF, Employee PF (Called VPF) and PPF. Invest Online. In the following sections, we will discuss key features of Profession Tax in Tamil Nadu as well as the importance of this, Professional Tax is dependent on the gross income of professionals and salaried people. When it involves a company, directors of the company, partnerships, individual partners, self-employed and businesses, it is deducted from the gross turnover of the company recorded in the previous year. - So, the difference between what the employer can transfer and the maximum, stipulated amount, in this case Rs.833 (Rs.2,082.50-Rs.1,249.50), is transferred to your employer’s EPF contribution. These key rules are as follows: The following is a short list of individuals who are exempted from the profession tax in Tamil Nadu: Tamil Nadu is one of the relatively small number of states in India that actually levies profession tax on its citizens. The slab of the profession tax has been revised for Tamil Nadu in the year 2018. Your contribution towards EPF is 12% of Rs.25,000, which amounts to Rs.3,000 each month. During this period, your employer’s EPF contribution will remain 12%. payment of profession tax can be done online by visiting the website of GCC as explained in the following steps: Paisabazaar Mutual Fund Terms of Services. Professional Tax is dependent on the gross income of professionals and salaried people. Paisabazaar Marketing and Consulting Private Limited © Paisabazaar.com. Employer PF is part of CTC not shown on Salary Slip. In order to check whether your employer is making contributions towards your EPF account or to see your account balance, you can use your UAN and log into your EPF account on the EPFO member portal. 4.EPF Administration charges: 1.10% Step 3 – Log on to the new page using your user name and password. Payments by Money Order should be made favoring “Employees’ Trust Fund”. Property tax should be paid within 15 days from the commencement of half-year i.e. Anyone who gets a salary or any sort of income would come under the profession tax structure. Your EPF contribution The reason for levying any sort of tax by the government is to generate revenue in order to build robust infrastructure, pay government workers like police personnel, firefighters; ensure defence of the country, etc. The ETF does not have a separate registration procedure for making contributions. Online payment of profession tax in Tamil Nadu can be completed using your credit card, debit card or net banking of major banks in India. EPF contribution is divided into 2 parts. All Rights Reserved. National Common Mobility Card - Your employer’s contribution towards Employee Pension Scheme (EPS) is 8.33% of Rs.25,000, which comes to Rs.2,082.50 per month. In case you are a woman, you only need to contribute 8% of your basic salary for the first 3 years. Viman Nagar, Pune – 411014, IRDAI Corporate Agency Registration Number, Loan Against Property For Chartered Accontants, Domestic / International Holiday packages. It will take 2 mins and is absolutely free.
Even though everything is laid out here, you still may want some help setting up & managing payroll for your staff, this is something we do over at Simplebooks. Feel free to contact us, one of our team members will get back to your shortly. If payment is to be made by cheques/ Bank Drafts, ensure that they are crossed and made payable to ETF Board.
kyc documents income tax, capital gains tax, corporate tax, customs duty, etc. Besides that, the government uses these funds for public welfare programs including child development and women’s welfare schemes. An employee also contributes 12% (called VPF). In certain cases, the disbursement of tax is preset and is to be paid irrespective of what the turnover is. Employer has to contribute an amount equal to 3% of the employee’s total earnings. When an EPS pensioner is drawing Reduced Pension and re-joins as an employee.
Pension contribution not to be paid: When an employee crosses 58 years of age and is in service (EPS membership ceases on completion of 58 years). You contribute 12% of your basic salary towards EPF, Employer’s contribution to EPF is 10% or 12%, You will receive interest at the rate of 8.65% on EPF. A common direct tax imposed by the state government is the professional tax. The employer is the organization or company which puts to work, employs or hires the services of the employee. Student Credit Card of Wages Act,1936 and the proviso to Sub-section (2) of section 36 of the Tamil Nadu Shops and Establishments Act, 1947. d) Contribution from Employees, Employers and Government, e) Any interest by way of penalty, paid under Section 14 of the Tamil Nadu Labour Welfare Fund Act, 1972. f) Any Voluntary Donation. If you are not a registered user, please register yourself first by clicking on ‘Not Registered’ option. - So, the difference between what the employer can transfer and the maximum, stipulated amount, in this case Rs.833 (Rs.2,082.50-Rs.1,249.50), is transferred to your employer’s EPF contribution. 2.Employee’s Pension Scheme (EPS): 8.33% Employee Provident Fund (EPF) is a scheme in which you, as an employee at a government or private organisation, can create wealth through your working years. Calculate contribution of each employee (minimum 8% from employee and 12% from employer) according to their total earnings for the particular month.
ETF contributions should also be made through the EPF registration number. 1.Employee’s Provident Fund (EPF): 3.67% For complete understanding of who all come under the profession tax and how it is levied, you can visit the official government website http://www.tn.gov.in/dtp/professional-tax.htm. . - Your employer’s contribution towards EPF is 3.67% of Rs.25,000, which comes to Rs.917.50 per month. Now, it involves a new provision of tax on employment and calling as well as professions and trades. - If you are a man, you must contribute 10% or 12% of your basic salary. DID You Know? - Your employer has to contribute an amount equal to 10% or 12% of your basic salary towards EPF. - In case you are a new woman employee, it is 8% of your basic salary for the first 3 years. 2500.
twice a year.
We promise! There are many different types of taxes that are imposed on the citizens e.g. Step 1 – Log on to the Greater Chennai Corporation website and click on ‘Online Payment’ option shown in the left-hand bar. It will be calculated based on the gross income that is declared half-yearly as follows: Shops and Establishment Trade License Copy/Registration Certificate, Memorandum of Association & Incorporation Certificate. Bihar Student Credit Card At the time of your retirement, or two months after changing your job, you can claim the entire amount. Anyone who gets a salary or any sort of income would come under the profession tax structure. Salaried people (State & Central Government), section 138 C, “Any individual occupied in any trade, profession, employment and calling in the city limits of the Corporation of Greater Chennai, will have to pay the half-yearly Professional Tax. Updated: 01-09-2019 09:32:34 AM Profession Tax is a state government direct tax imposed on the income earned by a wide range of people pursuing various professions.
Check credit card balance, 6th Floor,Bajaj Finserv Corporate Office, CIN No. Constitution of India Article 276 states that the total amount payable as profession tax should not exceed Rs. For a better understanding on how EPF can help you, take a look at how you and your employer contribute to it. It is deducted from the salaries of all employees each month. (A) Form: for employee’s details(B) form: for certify the membership(D) form: the particulars of employees(H) form: for nomination on behalf of the member, Your email address will not be published. Guardians or parents of children with mental disability, Women agents involved exclusively under the Director of Small Savings or Mahila Pradhan Kshetriya Bachat Yojana, People who have a permanent physical disability, including blindness, Military personnel of the forces as delineated under the Air Force Act 1950, the Navy Act 1957 and the Army Act 1950 plus members of the auxiliary forces or reservists working for the state, Tamil Nadu is one of the relatively small number of states in India that actually levies profession tax on its citizens.
- This basic rate of EPF is further sub-divided. Backed by local knowledge through our offices in Sri Lanka, Bangladesh and India, the team of consultants are ready to help you every step of the way. As per EPFO guidelines, this amount is rounded off to the nearest decimal, making the total Rs.2,915. Profession Tax is a state government direct tax imposed on the income earned by a wide range of people pursuing various professions. If you are thinking about starting a company of your own, there are some key rules and regulations you need to follow pertaining to professional tax. An employee is entitled to ETF from the first day of his/her employment irrespective of whether he/she is permanent, temporary, apprentice, casual or a shift worker. PF(Provident Fund) or EPF (Employee Provident Fund) is same and deducted from employees salary every month if you have opted for this deduction since you start doing job. In this scheme, both you and your employer make contributions towards your EPF. Thereafter, it becomes 10% or 12% of your basic salary. CVV Number How to calculate your and your employer’s EPF contribution? All Rights Reserved. - In case you are a new woman employee, the government’s contribution doesn’t change. This tax is compulsory, but you can claim the income tax deduction on the amount paid as profession tax. The slab for professional tax varies in each state across India.
Off Pune-Ahmednagar Road, In the following sections, we will discuss key features of Profession Tax in Tamil Nadu as well as the importance of this direct tax for the government. 5.EDLIS Administration charges: 0.01%. Platform Partner: NSE ( Unique Identification Number – NSE007867), Profession Tax is a state government direct tax imposed on the income earned by a wide range of people pursuing various professions. Most employers contribute 12% (called PF) of basic salary every month to employee’s Provident fund account, shown in CTC. Simplebooks LTD5th Floor, Sharnell Building,No.29/2, Visaka Road,Colombo 04,Sri Lanka.+94-114060909, REGUS – Dhaka, Crystal Palace,House 22, 3rd Floor,Crystal Palace Road ,NO 140 ,Gulshan Ave, Gulshan-1,Dhaka 1212, Bangladesh.+880-1312-329255. For sick units or establishments with less than 20 employees, the rate is 10% as per Employees’ Provident Fund Organisation’s (EPFO) guidelines. Otherwise, the employers will be liable to pay surcharge.
U74900HR2011PTC044581 © Copyright 2010-2020 Paisabazaar.com. Profession Tax for the following categories will be calculated on a half-yearly basis: As per the Tamil Nadu Municipal Laws Second Amendment Act 59 of 1998, section 138 C, “Any individual occupied in any trade, profession, employment and calling in the city limits of the Corporation of Greater Chennai, will have to pay the half-yearly Professional Tax.
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This tax is compulsory, but you can claim the income tax deduction on the amount paid as profession tax. Contribution is payable out of the employer’s share of PF and no contribution is payable by employee. This amount is calculated each month. So, the total EPF contribution (by you and your employer) for a month amounts to Rs.5,915 (Rs.3,000 + Rs.2,915). In certain cases, the disbursement of tax is preset and is to be paid irrespective of what the turnover is. Employer Provident fund Contribution. - However, as per the norms, your employer can only contribute a maximum of 8.33% of the threshold amount of Rs.15,000 towards your EPS. In the following sections, we will discuss key features of Profession Tax in Tamil Nadu as well as the importance of this direct tax for the government.