Professional Tax

Professional Tax

Professional tax the tax by the state governments in India .A person earning associate financial gain from regular payment or anyone active a profession like comptroller, company secretary, lawyer, doctor etc. square measure needed to pay this professional tax. Professional tax is levied by specific Muncipal firms and majority of the Indian states impose this duty. It is a supply of revenue for the government. The maximum amount payable per year is INR 2,500 and in line with tax payer’s salary, there are predetermined slabs. It is mandatory to pay professional tax.

The professional tax may be a slab-amount supported the gross financial gain of the skilled and salaried and further because the different states as could also be set workers. It is subtracted from regular payment of the worker monthly. Just in case of a corporation, administrators of a corporation, partnerships, individual partners, freelance skilled or homeowners of any business undertaken within the state, it is to be submitted relying upon their gross turnover within the preceding year. Insome cases, the payment of tax is mounted and is to be paid regardless of turnover.

  • Address proof of establishment
  • Address proof of partners, proprietors or administrators as applicable
  • PAN of partners, proprietors and administrators as applicable
  • Photo of partners, proprietors and administrators as applicable
  • Salary details of workers
  • Financial statements of the institution

Delays in getting Registration Certificate, a penalty of Rs.5/- per day . just in case of non/late payment of professional tax, penalty are 100% of the quantity of tax. Just in case currently filing of returns, a penalty of Rs. one thousand per come are obligatory if you filed once maturity in one month. once one month, a penalty of Rs. 2000 are obligatory.

The owner of a business is accountable to deduct professional tax from the salaries of his workers and pay the quantity thus collected to the suitable department. He/she should furnish a come to the tax department within the prescribed kind among the required limit.