It will take 2 mins and is absolutely free. How to calculate your and your employer’s EPF contribution? 3. In certain cases, the disbursement of tax is preset and is to be paid irrespective of what the turnover is. U74900HR2011PTC044581 © Copyright 2010-2020 Step 4 – Now you can know the profession tax due amount using your profession tax number mentioned on the profession tax payment receipt of earlier years. So, the total EPF contribution (by you and your employer) for a month amounts to Rs.5,915 (Rs.3,000 + Rs.2,915). National Common Mobility Card A common direct tax imposed by the state government is the professional tax. DID You Know? - 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. Tamil Nadu and includes a Hindu undivided family, firm, company, corporation or other corporate body, any society, club, body of persons or association, so engaged, but does not include any person employed on a casual basis; 6) "Tax" means the tax on profession, trade, calling and … 1 in terms of loan disbursal as per industry estimates. 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. EPF contribution is divided into 2 parts. We promise! Your EPF contribution Registered Investment Advisor (INA100003949)/ CIN - U74900HR2011PTC044581/ARN - 109940 Mutual Funds are subject to market risks, please read all scheme related information documents carefully. . Check credit card balance, 6th Floor,Bajaj Finserv Corporate Office, It is deducted from the salaries of all employees each month. All Rights Reserved. For complete understanding of who all come under the profession tax and how it is levied, you can visit the official government website

- Your employer has to contribute an amount equal to 10% or 12% of your basic salary towards EPF. income tax, capital gains tax, corporate tax, customs duty, etc. This tax is compulsory, but you can claim the income tax deduction on the amount paid as profession tax. Similarly, employees working on piece rate, contract basis, and work performed basis of any manner are also eligible for membership. Payments by Money Order should be made favoring “Employees’ Trust Fund”. 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. - Your employer’s contribution towards EPF is 3.67% of Rs.25,000, which comes to Rs.917.50 per month. 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. As per EPFO guidelines, this amount is rounded off to the nearest decimal, making the total Rs.2,915. 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. To simply the math, assume that your basic salary is Rs.25,000, including dearness allowance. Otherwise, the employers will be liable to pay surcharge.

CIN No. 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. All Rights Reserved. Contribution is payable out of the employer’s share of PF and no contribution is payable by employee. 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. In case you are a woman, you only need to contribute 8% of your basic salary for the first 3 years. Property tax should be paid within 15 days from the commencement of half-year i.e. The, Application of registration should be made to the assessee’s state tax department within 30 days of employing staff, Mandatory Registration of employees within 30 days of employment should be done, The professional tax amount will be deducted from the salary of the employee, In the case of 20-plus employees, the payment should be made within 15 days from the month end, If there are less than 20 employees, payment should be made every quarter of the year, In case the assessee has multiple places of work, then applications should be sent to each authority under its respective jurisdiction. Don't miss out on checking your credit score. Bihar Student Credit Card 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. An employee also contributes 12% (called VPF). 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. All scheme related data and information are provided by Value Research Organization. It is deducted from the salaries of all employees each month. Employer PF is part of CTC not shown on Salary Slip. Student Credit Card The slab for professional tax varies in each state across India. 1.Employee’s Provident Fund (EPF): 3.67% 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. Paisabazaar Marketing and Consulting Private Limited © 2.Employee’s Pension Scheme (EPS): 8.33% This tax is compulsory, but you can claim the income tax deduction on the amount paid as profession tax.

If you are not a registered user, please register yourself first by clicking on ‘Not Registered’ option. 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. There are many different types of taxes that are imposed on the citizens e.g. *No. Anyone who gets a salary or any sort of income would come under the profession tax structure. Now, it involves a new provision of tax on employment and calling as well as professions and trades. 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. Most employers contribute 12% (called PF) of basic salary every month to employee’s Provident fund account, shown in CTC. ETF contributions should also be made through the EPF registration number. 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.

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