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author's profile photo Former Member
Former Member

PTax Maharastra 2400/2500

Hi Gurus,

I have cofigured the Ptax for Maharastra & specifically for the month of Feb 300 deduction in the Slabs -MH01 & MH02.

The deduction for Feb is coming fine for the same financial year.

Now for the month of April when i run the Payroll this is working fine but when i check the Form 16 details in the Payslip, it gives me the PTax Amount Annual as 2400.i have just run the payroll for April for testing for the same financial year.

My question is when i generate the Form 16 at the End of the financial year will it come as 2500 after running Feb payroll in Form 16 or i have to still make some more settings ?

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2 Answers

  • author's profile photo Former Member
    Former Member
    Posted on Feb 08, 2012 at 05:08 AM

    Hi,

    There are two slabs for Maharashtra MH01 & MH02. Slab MH01 is for the first 11 months and MH02 is for the Month of Feb. This means from 1st march to 31st jan you have to configure MH01 and from 1st feb to 28/29 feb MH02. Make sure the entries are correct in table V_T7INP3 & V_T7INP4. You have mentioned that,

    'Now for the month of April when i run the Payroll this is working fine but when i check the Form 16 details in the Payslip, it gives me the PTax Amount Annual as 2400.i have just run the payroll for April for testing for the same financial year.'

    I am a little confused with this statement. Do you mean the payroll for next financial year? Please let me know in detail.

    Regards,

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  • author's profile photo Former Member
    Former Member
    Posted on Feb 08, 2012 at 06:19 AM

    Hi,

    The PTax will be projected as Rs.2400/- till jan and in month of Feb it will show as Rs. 2600/- and in March it will be Rs.2500/-.

    Please note system determines the projection of monthly salary and monthly exemptions during income tax calculations based on two constants (maintained in tabel: V_T511K - SLPRJ). i.e Actual Basis and Nomial basis. This needs to be decided at the time of configuration for which method to follow.

    In your case PTax will show based on actual basis due to which it will project as Rs.2400/- .

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