Mohali - Chandigarh
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Professional Tax is like Income tax but is collected by the State Government. It is a tax on all kinds of professions, trades and employment and levied based on the income of such profession, trade and employment. It is levied on employees, a person carrying on business including freelancers, professionals etc.
Let the experts of The Shanpro Advisors offer you the needful aid on the P-Tax Registration & Filling process. P-Tax or Professional Tax is being imposed by all the State Govt. on every paid individual. The P-Tax is inflicted based on the profession, trade, or employment of the individual taxpayer. The tax rates also varied according to the various State Governments but the highest amount of payable P-Tax is INR 2000 per annum. Till now, states like Maharashtra, Karnataka, Gujarat, Kerala, West Bengal, Assam, Madhya Pradesh, Orissa, Tripura, and Meghalaya are charging this particular tax.
There are two types Professional tax certificates:
The professionals can claim a deduction in their wages based on the paid professional tax. The particular subtraction will be allowed in the same year in which the taxpayer paid the P-Tax amount.
The P-Tax regulations are very easy to follow along with the registration process for this particular matter as a whole.
Failing in P-Tax registration & filling can lead to a large amount of penalties that keep raising with time.
According to the rules and regulations of the Indian Govt. every working professional is obliged to pay the professional tax.
The local authorities and State Govt. requires this taxable amount for various development issues.