Professional Tax Registration - The Benefits of Hiring Experts to Do It
The tax levied by some states in India is called a Professional Tax. It applies to all employees and professionals who earn via any medium. It includes individuals such as doctors, lawyers, and chartered accountants. Pithily put, it is a tax imposed on all trades and professions in the country.
Where is Professional Tax Levied?
Each state has its own laws for Professional tax. They declare their individual slabs and, on its basis, the precise amount is deducted. Some states that levy the tax are:
- West Bengal
- Madhya Pradesh
Who is Responsible for Paying Professional Tax?
The employer is responsible for collecting the required tax amount from the monthly pay check of an employee. The company then pays the owed amount to the state government. For individuals who do not work under a private company, the tax is paid by themselves.
Such persons need to apply for tax registration. After registration, a unique number is issued to the person. This number has to be quoted while depositing the tax in banks.
It is worth noting that if the entity or person fails to collect and pay tax, they can be charged with penalties.
How is Professional Tax Paid?
Professional Tax is paid every month. The per month amount remains the same and is calculated by dividing the yearly tax due by 12. February is the one exception because it has a lesser number of days. Therefore, the amount is higher for it.
The precise instalment may alter due to clauses in the law that include sources of income which come under the purview of other sectors and taxes. For example, in a few states, a transport business owner is supposed to pay rupees fifty in a year as the tax for every vehicle owned. But the limit of the tax, per annum, is Rs.1000.
Why Choose to Hire Professionals for Professional Tax Payment?
For many individuals, the thought of filing taxes and paying the correct amount is tedious and painstaking. Professional Tax is not exempt from this feeling. A simple way out is to hire experts who know the ins and out of tax returns. Explained below are some of the most compelling motives to employ specialists for tax payments.
- The certainty of accuracy.
- Basic math errors
- Inversion of numbers
- Overlooking the date or the signature
- The option of deductibles.
- Books on how to file returns
- The gaining of time.
- Record keeping
- Filling forms
- Submitting Forms
- Paying the tax
- The opportunity to save.
- The support in audits.
The benefits make it crystal clear that enlisting the assistance of authorities in not just professional tax payment but all tax returns is crucial. They can help you prepare better, get rid of inaccuracies and provide advice during audits. Lastly, they save time and money which can be invested in the business or work.
Being aware of the paybacks of a professional tax service company is not enough; one has to pick the right choice too. VakilSearch is a renowned Professional Tax Registration that offers expert assistance. Besides providing the support and assistance need during the filing of annual tax returns, they also aid in professional tax payments.
Experts in their field, they can even extend aid in registration of an individual for professional tax. With the number of businesses and persons they have worked, they are aware that the rules of professional tax change from state to state.
VakilSearch guarantees that there are no irregularities in tax filing. They also ensure that you get to keep as much money as possible when paying professional tax. To know more about their quick process of registration, swing by their website or give them a call at +91 7200 365 365. An expert will be ready to answer all your queries.