Profession tax is a type of indirect tax in India. In exercise of the powers conferred to the State Governments, Professional Tax is levied by different states using varied rates and methods of collection.
Profession tax is levied on all persons in the State earning income in any manner. Hence all income whether salary, business or professional, is under the tax net. The requirement for registration, mode of collection of tax and filing of returns differs for each type of assessee.
Professional Tax Enrolment Certificate (PTEC)
Every person (or company) conducting any business or profession within a particular state is required to enrol himself with that state for payment of Profession tax and this type of registration is called as Professional Tax Enrolment Certificate (PTEC). Hence this covers all proprietors carrying on own business as also Private companies and Professionals like lawyers, doctors, Chartered Accountants, etc.
PTEC Due Date for FY 2017-18 and 2018-19
| Sr. No. | Class of enrolled person | Due Date |
|---|---|---|
| 1 | Person who stands enrolled before the commencement of a year or is enrolled on or before 31st May of a year | 30th June of that year |
| 2 | Person who is enrolled after the 31st May of a year | Within 1 month of the date of enrolment |
PTRC Due Date for FY 2017-18 and 2018-19
| Sr. No. | Tax Liability during previous year | Periodicity | Due Date for Payment of Tax and Filing of Return |
|---|---|---|---|
| 1 | Tax Liability is less than Rs. 50,000 | Yearly | 31st March of the Financial Year to which the return relates |
| 2 | Tax Liability is equal to or more than Rs. 50,000 | Monthly | The last date of the month to which the return relates |
PTEC Rate in Maharashtra
| Sr. No. | Type of Assessee | Annual PTEC Liability |
|---|---|---|
| 1 | Individuals undertaking any proprietorship business of any nature within Maharashtra | Rs. 2,500 |
| 2 | Companies undertaking any business of any nature within Maharashtra (having registered office/ factory/ branch office, etc.) | Rs. 2,500 |
| 3 | Individuals undertaking specified Profession as
A. Legal Practitioners including Solicitor and Notaries B. Medical Practitioner including Medical Consultants and Dentists C. Technical and Professional Consultants, including Architects, Engineers, R.C.C. Consultants, Tax Consultants, Chartered Accountants, Actuaries, and Management Consultants D. Chief Agents, Principal Agents, Insurance Agents and Surveyors and Loss Assessors registered or licensed under the Insurance Act 1938, I. T.I. Agents under U.T.I. Scheme, N.S.S. Agents under Postal Scheme E. Commission Agents, Dalals, and Brokers (other than estate brokers covered by any other entry elsewhere in this Schedule) F. All types of Contractors (other than building contractors covered by any other entry elsewhere in this Schedule); and G. Diamond dressers and diamond polishers, having not less than one year's standing in the profession. |
Rs. 2,500 |
For detailed descriptions and Rate schedules visit here
PTRC Rate in Maharashtra
| Sr. No. | Type of Assessee | PTRC Liability |
|---|---|---|
| 1 | Salary and Wage earners Such persons whose monthly salaries or wages a) Do not exceed Rs. 7,500; b) i. In case of male employee, is from Rs. 7,501 to Rs. 10,000; ii. In case of female employee, does not exceed Rs. 10,000 c) Exceeds Rs. 10,000 |
NIL Rs. 175 per month NIL Rs. 2,500 per annum to be paid in the following manner (a) Rs. 200 per month except for the month of February (b) Rs. Three hundred for the month of February |
For other assesses, detailed descriptions and Rate schedules etc visit here
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