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

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  • NGO
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Things You Should Know

  1. PAN Card
  2. Aadhaar Card
  3. Phone number and Email address
  4. Valid Bank account number
  1. Saving tax with deductions: The most common type of tax benefit comes in the form of a tax deduction. When you claim a tax deduction, it reduces the amount of your income that is subject to tax.
  2. Excluding income from income tax : An exclusion from tax provides the ultimate tax benefit because the income never ends up on your tax return, and if it does, it generally comes off in another section of your return.
  3. Claiming tax credits : A tax credit generally has more tax-savings potential than a deduction as it provides a dollar-for-dollar reduction in the amount of income tax you owe rather than merely reducing the amount of income subject to tax.
  4. Reducing income tax with capital losses :  Losing money is never a pleasant experience. However, the one advantage to a loss is that it may provide you with a tax-reducing benefit.
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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

Book Keeping

Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.

P-Tax Return Filing

GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN).

Reply To P-Tax Notice

GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).