Professional Tax

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Professional Tax

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PTRC (PROFESSION TAX REGISTRATION CERTIFICATE) AND PTEC (PROFESSION TAX ENROLMENT CERTIFICATE) IN MAHARASHTRA

Professional tax is one that is levied on all professions, forms of employment, and trade. The tax is not restricted to professionals alone and is collected based on the individual’s income. Therefore, employees, individuals who own businesses and even professionals are taxed under this umbrella term if their income exceeds a threshold. As per Article 246 of the Indian Constitution, the Parliament is the only body that can alter laws related to tax on profits. The professional tax, however, is levied by State Governments, and hence, they have the right to make laws about it. Article 276 of the Indian Constitution deals with tax on employment, professions, and trade.

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Benefit of working with a tax registered firm

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PROFESSIONAL HELP

You will never have to deal with all your tax-related issues on your own again. Since you have tax professionals helping you with your tax-related work, you will never be alone again when it comes to your tax woes!

REDUCE YOUR OVERALL BALANCE

The relief which will help you reduce the amount you owe the government. Such firms evaluate your condition and then work out ways to help you reduce your penalties and fines.

Profession Tax Enrollment Certificate

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1.A person (natural / legal) registered under MGST Act is liable to enrol for Profession Tax Enrolment Certificate (PT-EC) and pay Rs.2500 P.A. 2.If the Business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate (PT-RC) and pay tax after deducting the same from the employee’s salary as per the provisions of law. 3.Every person excluding partnership firms and HUF engaged actively or otherwise under one or other classes of Act is liable to pay tax to the state government. 4.The professional tax of the business entity (Private Ltd., Public Ltd, OPC, etc) and also of the owner or professional (Sole Proprietor, Partner, Director, etc) are permitted to pay professional tax under PTEC.

Profession Tax Registration Certificate

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1. A person (natural / legal) registered under MGST Act is liable to enrol for Profession Tax Enrolment Certificate (PT-EC) and pay Rs.2500 P.A.

2. If the Business is having any employee whose monthly salary is above Rs. 7500/- is also required to obtain Profession Tax Registration Certificate (PT-RC) and pay tax after deducting the same from the employee’s salary as per the provisions of law.

3. Every person excluding partnership firms and HUF engaged actively or otherwise under one or other classes of Act is liable to pay tax to the state government.

4. The professional tax of the business entity (Private Ltd., Public Ltd, OPC, etc) and also of the owner or professional (Sole Proprietor, Partner, Director, etc) are permitted to pay professional tax under PTEC.

Avoid Loosing your property due to seizure

In certain extreme cases, people end up losing their homes and other features due to their inability to pay their tax. When you work with a professional tax relief firm, you can ensure that this does not happen. They will work out ways for you to escape such situations and avoid such unfortunate incidents. While these are the significant benefits that working with such firms provide, there are several other benefits too. Here’s a look at some of the other benefits they provide.

  • Avoid having your account levied
  • Stop tax wage garnishment
  • Settle all your outstanding tax debt
  • Make sure you don’t get caught up on past returns
  • Assist with audits
  • Avoid loss of credit score due to unpaid dues
  • Enjoy more peace of mind
  • Protection of Assets and Income
  • Helps you interpret Tax Laws
  • Explains to you all the IT processes

Profession Tax Slab

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Since the Professional tax is levied by various State Governments, every state has its own laws. However, every state follows a slab format for collecting Professional tax. As per Article 276, State Governments can levy Professional tax up to INR 2,500.

Up to INR 7,500 (Men) NIL
Up to INR 10,000 (Women) NIL
INR 7,500- INR 10,000 INR 175/month
Above INR 10,000 Normal months – INR 200/month
February- INR 300
Up to INR 8,500 NIL
INR 8,500-INR 10,000 INR 90/month
INR 10,000-INR 15,000 INR 110/month
INR 15,000-INR 25,000 INR 130/month
INR 25,000-INR 40,000 INR 150/month
Up to INR 1.5 LakhsNIL
INR 1.5 lakhs- INR 1.8 lakhsINR 125/month
Above INR 1.8 lakhsINR 212/month

THE FOLLOWING ARE THE LIST OF DOCUMENTS AND DETAILS REQUIRED FOR REGISTRATION OF PTRC AND PTEC:

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  • Pan of the Assessee
  • Aadhaar Card copy
  • Cancelled Cheque
  • Passport size photo
  • Latest electricity bill of
  • the register office/ place of business in case of rented property then rent agreement
  • Photo Signature
  • Details of Business
  • No of employees at work place
  • Date of Commencement of business
  • Email ID and Mobile no of the Assessee.
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Returns

  • Every Registered Employer needs to make payment in Challan Form No. MTR -6 and furnish return in Form III-B (electronically return). In case of failure to upload return within the due dates, you may attract penalty.

  • If payment of tax has been made within the due date, a grace period of 10 days for uploading e-return provided. In respect of all those returns filed after due date mandatory late fees is payable of Rs 1000.

  • An employer (PTRC) can file revised return within period of 6 months from the end of the year.

If tax liability during the previous year or part thereof was less than Rs. 1,00,000 Annual return on or before 31st March of the year ( for salary paid for the months from 1st March (of immediately preceding year ) to 28th February ( of current year))
Rs. 1 Lakh or more Monthly Returns on or before the last day of the month (covering salary paid for the immediately preceding month).

In case of new registration, the employer shall file monthly return for all the months commencing from date of liability till 31st March of that financial year. The first return in such cases will be for the month in which certificate of registration granted ( covering salary paid for the period commencing from ate of liability till the last date of preceding month in which certificate of registration granted), subsequently monthly returns as per due dates till the end of financial year.

Payment of Taxes

  • Before filing the return every registered employer (PTRC TIN) shall pay tax as per due dates.

  • Within one month from the date of enrolment in the first year, every enrolled person (PTEC TIN) shall pay the tax and thereafter by 30th June of every year.· From 1st January 2012, facility of e-payment of profession tax has been made available.