Professional Tax
The professional tax is the amount of tax collected by the State Government of India. Any individual who is working and earning income from salary, business or any kind of profession is liable to pay "Tax". Different states in the country have different rules in the collection of the amount as per the (State) Professional Tax Act.
PROFESSIONAL TAX SLAB
The Professional Tax is similar to income tax, however, the income tax is collected by the Central Government whereas, Professional Tax is collected by the State Government. At the beginning, when this law was first introduced, Rs. 250/- was the maximum amount to be collected in 1949,, but the slab was soon increased to Rs. 2,500/- by the year 1988.
Since last few years, the State Government is pursuing the Central Government to increase the maximum limit of the professional tax slab but, it is yet to be implemented. The amount of deduction as per the Tax Act Professional differs in the different states of India.
- Maintenance of the following records as per the (State) Professional Tax Act.
- Complete formality to register the business under the applicable Professional Tax Act along with obtaining a license.
- As per the slab provided by the respective Professional Tax Act, we complete the formality of deduction of monthly/quarterly/ half yearly and annual professional tax.
- Depositing the professional tax return along with challan as per the given format.
- Providing regular updates and changes in the amendment under the (State)Professional Tax Act.