Is partnership firm liable for professional tax?
harshad fulsundar (33 Points)
02 March 2021
is partnership firm liable for professional tax?
2 Replies
swati
(FINANCE OFFICER)
(31 Points)
Replied 02 March 2021
As per the profession tax rules ,Employer (corporates, partnership firms, sole proprietorship etc) being a person carrying on trade/profession is required to pay professional tax on his trade/profession.
And it will be subject to the monetary threshold limit if any provided by respective State’s legislation.
It may be noted that professional tax is a deductible amount for the purpose of Income-tax Act, 1961 and can be deducted from taxable income.
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