P-TAX REturn filing
Few Details To Know
About The Profession Tax Return Filing
Many salaried employees might be very well aware of the term ‘professional tax’ as it would have been mentioned in the payslips/Form 16 issued to them. But all of them may or may not understand what it is and why is it appearing in their payslips/Form 16 as a deduction from their salary income. Hence, this article is an attempt to provide a better picture of what is ‘Professional tax’ and why is it deducted and is it only salaried class who are bearing it.
P-TAX Registration Form
Who Can Apply For P-TAX
Self-employed persons who carry out their profession or trade on their own and fall in the ambit of the Profession Tax are liable to pay the tax themselves to the state government. The Commercial Taxes Department of a state/union territory is the nodal agency that collects Professional Tax on the basis of predetermined tax slabs which vary for each state and union territory. The tax is calculated on the annual taxable income of the individual, however, it can be paid either annually or monthly. Self-employed taxpayers need to obtain a Certificate of Enrolment from the prescribed authority (of the concerned state) in the prescribed manner.
What is P-TAX and How it Works