10 June 2010
I am working on a salary basis for the past 11 years in a sole proprietorship company in Mumbai. This was an EOU, but my employer tells me from this year, he will come under the tax bracket and will have to pay tax.
He says that he is converting the company into a pvt ltd company, or making some structural changes that might affect the tax structure of salaried employees in his company.
Could you pl let me know how this change would affect me, as a salaried employee, what would be the professional tax i would need to pay after this change etc?
10 June 2010
Profession tax on employees in Maharashtra is as follows: 1. Salary and wage earners. Such persons whose monthly salaries or wages, (a) exceed rupees 5,000 but do not exceed rupees 10,000 175 per month (b) exceed rupees 10,000 2500 per annum, to be paid in the following manner: - a) rupees two hundred per month except for the month of February; b) rupees three hundred for the month of February