What is Professional Tax? & Professiona Tax applicable on which person / firm / company ????
6 Replies
manoj
(student)
(5205 Points)
Replied 23 March 2010
professional tax is tax on profession which is paid by employees of the company
manoj
(student)
(5205 Points)
Replied 23 March 2010
it is deductible from salaried income by virtue of section 16(ii)
sandesh
(Accountant)
(55 Points)
Replied 23 March 2010
Profession Tax is a State level Tax in India on Professions, Trades, Callings and Employments.
The following Indian states levy Profession Tax - West Bengal, Karnataka, Maharashtra, Andhra Pradesh, Gujarat, Tamilnadu and Madhya Pradesh.
In Maharashtra (Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975),
Tax Applicable to
Company, Firm, Proprietary Concern, Hindu Undivided Family (HUF), Society, Club, Association Of Persons, Corporation or any other corporate body in Maharashtra per the provisions of the Maharashtra Professional Tax Act of 1975.
Profession Tax On Employees
An employer organization is required to get registered under the Profession Tax Act and obtain a Registration Certificate under which the payment in respect of taxes deducted from employees salaries can be made.
Sanket Damodar Karve
(Business)
(179 Points)
Replied 23 March 2010
Mahesh Lahoti
(B.com Hons C.S Professional Programme)
(1311 Points)
Replied 23 March 2010
Professional tax is a tax on Profession i.e as for e.g a Practising C.A,C.S,etc. should pay tax on carrying professional activities
hope u got that
CA Priya
(CS Final)
(1049 Points)
Replied 24 March 2010
Professional tax rates applicable as decided by the local bodies..... Its deducted from the employee salary and shown as deduction........
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