Characteristics of Professional Tax
The Basic Characteristics of Professional Tax are –
- Professional tax is imposed at the state level in India. Different states have different rates and methods of collection. It is not imposed in all states.
- The states which impose professional tax are Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Meghalaya, Odisha, Sikkim, Tamil Nadu, Telangana, Tripura, and West Bengal.
- Professional Tax is deducted from the salary of the salaried employees by the employers and same is deposited with the State Government.
- It is also payable by members of staff employed in private companies.
- It is mandatory to pay professional tax.
Benefits of Professional tax
Following are the benefits of Professional tax Registration
- The professional tax is a source of revenue for the State Government which helps them in implementing schemes for the welfare and development of the region.
- The rate of professional tax charged is based on the Income Slabs set by the respective State Governments.
- The tax amount of professional tax paid during the year is allowed as Deduction under the Income Tax Act.
Services Offered by Us
Following are the services provided by us at the time of registration.
- Tax Consultation
- Registration fees
- Documentation
Procedure for Registration
Fill Enquiry
Form
Associate will call
and discuss in length.
Make
Payment
Complete Documentation
& Requirements
Registration
Complete
Why Palankarta?
Palankarta gives an end-to-end service for professional tax registration.
Experienced Financial
Professionals
Deliver Service
on Time
Cost
Effective
Assured Customer
Satisfaction
No Hidden
Fees / Charges.
Frequently Asked Questions
FAQ
General Questions
Any person who is engaged in any profession, Trade, callings and employment in the State of Maharashtra is liable to pay Profession Tax. A person includes Hindu undivided family, firm, company, corporation or other corporate body, any society, club or association.
There are 2 types of Profession Tax payers
- Profession Tax Enrollment Certificate (PTEC) : Any person engaged in Profession,Trade and Callings and falling under one or the other of the classes mentioned in thesecond column of Schedule I shall obtained PTEC
- Profession Tax Registration Certificate (PTRC) : Every employer who hasemployed even a single employee whose salary is above the prescribed limit fordeducting Profession Tax shall obtain PTRC.
A person / employer shall apply within 30 days of becoming liable to pay tax.
As per Section 5(5) of PT Act, where an employer or a person liable to registration orenrolment has failed to apply for such certificate within the required time, the prescribedauthority may, impose penalty of rupees five for each day of delay in case of suchemployer and rupees two for each day of delay in case of such person.
- If PTEC TIN holder have any previous year’s liability shown in the certificate, he has to discharge the same immediately.
- Current year’s tax liability can be discharged upto 30th June of that financial year if the enrolment is taken before 31st May. If the enrolment is taken after that the liability shall be discharged within 30 days from the data of enrolment.
- For future financial year, he has to discharge his tax liability upto 30th June of every financial year.