Proficient tax is applicable to each organization which conducts business and for people engaged in any profession, trade, calling or employment. The professional tax is calculated by self assessment and is based on the half-yearly gross income of the employee or professional.
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Professional Tax is a tax levied by the State government. Professional tax is levied on income by way of profession, trade or employment. Professional tax is paid by the employer. The Constitution empowers the levy of Profession Tax subject to a maximum of Rs.2500/- p.a. Tax payers will be able to claim professional tax in their IT return as Professional tax is 100% rebatable against Income Tax dues.
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Every person carrying on Profession or trade and employing staff is required to register with the State professional tax authority. Employer’s responsibility would also include deducting professional tax from the employee’s salary and remitting it to the government along with filing timely Professional tax returns.
Are you here wondering if you should register for professional tax? Well, do you own a business which employs professionals in a private set up? Then you most definitely need to get a professional tax consultant in Chennai who can register your company.
Each and every employee needs to pay up a fixed amount as professional tax and the amount depends on the salary of the employee. Though it is payable by the employee it is you the employer who needs to ensure and deduct the PT from their salaries and pay it to the government.
You need to opt for Professional tax registration in Chennai within 30 days of hiring the staff for your business or company. Failure to do so means you need to pay a penalty of Rs. 5 per day. So whether you are late or are looking to register for a new company our consultants at kanakkupillai are at your service to ensure you a hassle free registration process.
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Once the registration application and the attached supporting documents are verified by the Officer, Registration Certificate is provided.
Are all employers required to pay professional tax (PT)?
Professional tax is a state level tax and not a union tax. Employers coming under the jurisdiction of states which levy professional tax are required to collect PT from employees and remit the same to the government.
What are the consequences of non-registration?
Delay in obtaining Professional Tax Registration Certificate incurs a penalty of Rs. 5/- per day. In case of non/late payment of profession tax, penalty will be 10% of the amount of tax. In case of late filing of returns, a penalty of Rs. 300 per return will be imposed.
What are the procedural compliances required?
Assesses will be required to make timely payments of the PT collected and file PT returns according to the rules laid down by the respective state government.
Is registration with State department for PT mandatory?
Yes. Every employer falling under the specified criteria should mandatorily register with the state authority.
In which states is professional tax applicable?
Professional tax is applicable in Karnataka, Andhra Pradesh, West Bengal, Maharashtra, Tamil Nadu, Gujarat, Assam, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura, Telangana and Madhya Pradesh.
How to obtain registration?
An individual or firm can obtain the profession tax registration by filing an application in Form I [See Rule 3(1)]Application for Registration ]and Form II (See Rules 4(1) and 6(2)) of tax on Professions, Trades, Callings and Employments Act, 1987 by furnishing the following details a) Address proof b) Bank account with Branch name c) firm registration certificate d) mail ID e) TIN/VAT Number.