- TDS Computation, Payment & Filing
- Professional Tax Computation
- GST Computation, Payment & Filing
- Bank Reconciliation
- Accounts Receivable Management
- Accounts Payable Mangement
- Monthly MIS Reports
Professional tax is the tax by the state governments in India. Anyone earning an income from salary or anyone practicing a profession such as chartered accountant, lawyer, doctor etc. are required to pay this professional tax. Different states have different rates and methods of collection. In India, professional tax is imposed at the state level. However, not all states impose this tax. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax.
Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is INR 2,500 and in line with tax payer’s salary, there are predetermined slabs. It is deduced by the employer every month and paid to the Commercial Tax Department. It is mandatory to deduct Professional Tax from the employee & the employees are eligible for Income Tax deduction while filing their Income Tax Returns.
The Professional Tax registration should be mandatorily obtained by all the employers within 30 days from the date of registration of business.
The Professional Tax registration acts as a secondary proof or primary proof in case of proprietorship business Registration in India.
Furnishing Professional Tax Registration & Employee particulars is a Labour Law Compliance too as it forms the very basis of employee details of any entity since their inception.
Obtaining the Enrolment Certificate is compulsory to pay entity’s annual PT & to obtain Registration Certificate to deduct PT from employees monthly.
The business or profession applying for registration under Professional Tax has to submit the application for enrolment and return in Form 4-A.
Every employer registered under Profession Tax Act is required to furnish a statement in Form 5-A monthly after making payment of salary to his employees before the 20th of succeeding month.
Apply in form 4A and fill the details required for the purpose.
On successful payment & submission of online application the Enrolment Certificate is generated.
Apply in form 5-A and fill the details required for the purpose.
On successful payment & submission of online application the Registration Certificate Number is generated.
The process is complete only after submission of relevant documents to the jurisdictional PTO and it is got acknowledged through the computer by such PTO.
Professional Tax Registration
Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.
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