Professional Tax is a form of Tax, which the State Governments are collecting from professionally occupied personals and business entities. A person earning income from salary or professions such as Lawyers, Company Secretaries, Charted Accountants, etc. are liable to pay this tax. Any employers, professionals, traders, etc. have to register for Professional Tax. The Local Administrative Body (Panchayat, Municipality, Corporation, etc.) are handling the collection of Professional Tax. The Professional Tax is deducted from the salary of employee, which is eligible for deduction from computation of Income Tax.
Helps your company/business runs actively and compliant with state laws.
Being a Professional Tax payer, employee and employer are secured from heavy penalties.
The Professional Tax in all the states is nominal and they are structured accordingly to salary range, hence the burden on the tax payers is nominal.
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Professional Tax is a tax levied by the State Government on the income earned by the professionals and the people engaged in other occupations. It is a state-level tax and is not levied in all states.
Yes, it is a legal requirement, and the states that levy the Professional Tax have made it mandatory.
PTRC stands for Professional Tax Registration Certificate, and PTEC stands for Professional Tax Enrollment Certificate. A business usually requires both to conduct business.
The employer is responsible to deduct Professional Tax from the salary of the employees and pay the same to the State Government. The employer has to obtain the professional tax registration to make the payment.
Yes, non-compliance with the professional tax regulations will attract penalties. The penalty may be a fixed amount or a percentage of the tax due.
