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Professional Tax
When you take a look at your payslips, you will notice a small deduction mentioned on it, along with the other components like HRA, conveyance and basic salary break ups. This deduction is very minimal and is termed as Professional tax. Generally, this type of tax varies from state to state and in certain places, you may realise that there is no deduction made under this heading.
Professional Tax is a tax levied by State Governments from the professionally occupied business entities or professionals. A person earning income from salary or professions such as Chartered Accountants, Company Secretaries, Lawyers, etc. is required to pay professional tax every year around of Rs. 2,500 to the state or local authority by way of Tax on the profession, trades, callings, and employments. For the purpose of this registration, the employers, professionals, traders, etc. come under the purview of registration.
This tax is deducted from the salary of the employer, which is later eligible for deduction from the computation of taxable income. The registration is obtained by the employers and business owners with the respective Municipal Corporation. Being it State based registration, the rate of tax and method of registration is different. The slab is usually based on the gross income of the professional. It happens to be deducted very month from his/her income by the employer. Further, there are two types of registrations being – PTEC and PTRC registrations.
ComplianceIndia can help you obtain certificate of Professional Tax Registration quickly and hassle-free.
Liability for Professional Tax Registration
The application for registration of Professional Tax must be submitted to the State Tax Department within 30 days of employing staff in a business. If there is more than one place of work, the application must be made separately to each authority considering the place of work coming under that authority’s jurisdiction.
If there’s a delay in Professional Tax, it can lead to a penalty of Rs. 5 per day. On non-payment or late payment, there will be a penalty of 10% of the Tax if there’s the late filing of returns, a penalty of Rs. Three hundred will be imposed.
Advantages of Professional Tax Registration
Exemptions
The Followings are exempted from paying Professional tax
– Ex-serviceman
– Individuals serving in the Central Para Military Force (CPMF)
– People who run educational Institutions teaching up to class 12
– Handicaps with at least 40% disability. A relevant Certificate must be submitted.
– Any person who has a permit for a single three-wheeler or a single taxi to carry goods.
– Individuals who are deaf, dumb, and blind are earning a salary.
– Civilians as well as non-civilian members from the armed forces.
– Technicians from foreign countries who are employed by the state
How we Work?
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Packages
Consultation Charges
Nil
Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.
Start-up Plan
Rs. 2,499/- only
- – Professional Tax Registration
- – Expert advice from Experts/ Legal Professionals
Basic Plans
Rs. 4,499/- only
– Professional Tax Registration
– GST Registration
– Expert advice from Experts/ Legal Professionals
Advance Plan
Rs. 10,999/- only
– Professional Tax Registration
– GST Registration
– Trademark Registration
– Expert advice from Experts/ Legal Professionals
Ultimate Mega Plan
Rs. 19,999/- only
– Professional Tax Registration
– GST Registration
– Company Annual Compliance
– ROC Annual Filing
– Expert advice from Experts/ Legal Professionals
Documents required for Professional Tax Registration
Comparison with other related Services
Parameters | Professional Tax Registration | MSME Registration | GST Registration | Importer Exporter Code | Shop & Establishments Registration |
---|---|---|---|---|---|
Applicable to | Applicability defers based on State Act | All Micro, Small and Medium Enterprises | Businesses exceeding a prescribed threshold for turnover | All importers and exporters | Applicability defers based on State Act |
Registration Criteria | Mandatory | Voluntary | Mandatory | Mandatory | Mandatory |
Regulatory body | State Government | Central Government | State and Central Government | Central Government | Municipal Corporation |
GET STARTED | KNOW MORE | KNOW MORE | KNOW MORE | KNOW MORE |
Frequently Asked Questions
1. Is it mandatory to pay professional tax?
Yes, if you are a salaried individual, it is mandatory to pay professional tax.
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