PROFESSIONAL TAX REGISTRATION
Professional tax differs based on state but the maximum tax levied cannot exceed Rs. 2,500 on yearly basis.
Benefits of Professional Tax registration
- Judicial requirement- in many states the employers are strictly bound to deduct and pay the service tax of all the employees who work under them, to obtain the registration of professional tax
- Avoid paying taxes – heavy penalty is put on the personnel who fail to pay taxes within due time and the penalty keeps on increasing with the time.
- Easy to comply- the whole procedure of registration and payment of the taxes are very easy to fill and pay.
- Deductions – on the basis of the professional tax paid, deductions can be claimed on the salary.
- State government tax- based on the category and nature of the employment, the state Government and the local authorities have the right to collect all the all the professional taxes
ONLINE PROFESSIONAL TAX REGISTRATION –AN OVERVIEW
State government has imposed a tax on all salaried individuals known as professional tax, applicable on all working professionals for ex- CAs, Lawyers and Doctors based on the nature of their respective occupation. Professional tax differs based on state but the maximum tax levied cannot exceed Rs 2,500 on yearly basis.
EASY OLINE PROFESSIONAL TAX ELIGIBILITY
Professional tax applicability- it is applicable to all kinds of occupation all across the world irrespective of the jurisdiction they are working under. It will be either paid or deducted through all the working professionals across the world. Professional tax for self employed- any working individual who receives a payment monthly are expected to pay this tax.
WHO IS EXEMPTED FROM PAYING PROFESSIONAL TAX?
- Parents of differently abled children(mental or physical)
- Members of armed forces
- Individuals with permanent physical disability
- The age differs state wise
- Badli workers in textile industry
UNDERSTANDING THE PROFESSIONAL TAX REGISTRATION APPLICABILITY
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Firms/companies/LLPsTaxable entities include firms, LLPs, HUFs, association, clubs, societies, corporation and companies which have to pay professional tax. All the branches working under the companies will be considered separate entities under professional tax
- Individuals (professionals)
Legal practitioner, medical representatives, commercial professionals and contractor are all grouped in professional tax payers.
- Partners and directors
Professionals working for an organization are eligible tp pay professional tax within 30 days of getting appointed in their respective roles for example- company directors, LLP partners and designated partners.
- Employers
The company must be certified with a professional tax enrollment certificate (PTEC) within 30 days of the company’s incorporation through a government portal. When the organization hires new employee, he/she is to mandatorily pay tax within 30 days of official joining in the company. The employees’ tax is to be deducted from their respective payment and submitted as professional tax.
WHAT ARE THE CONSEQUENCES OF PROFESSIONAL TAX VOILATION?
Every state legislation has their own respective penalty charges. If the organization has not registered after the tax legislation is made applicable they are to pay their charges mentioned by their jurisdiction. The penalties are also applied to payments made after due date or if the return is not filed within the specified due date.
DOCUMENTS REQUIRED FOR PROFESSIONAL TAX REGISTRATION
Documents required
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PAN card of incorporation /LLP attested by the company director
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Proof of office location with NOC
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Passport size photograph
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Address proof
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Identity proof from all the directors
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Certificate of incorporation, including MOA and AOA/LLP agreement
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Board resolution/statement of consent by the partners
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Salary register and attendance register
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Shop and establishment certificate
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Proof of company bank account with their bank statement and a cancelled cheque
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