What is Professional Tax Registration?
Professional Tax is a tax collected by State Governments from the professionally occupied business entities. A person earning income from salary or professions such as Chartered Accountants, Company Secretaries, Lawyers, etc. is required to pay professional tax. For the purpose of this registration, the employers, professionals, traders, etc. come under the purview of registration.
This tax is deducted from the salary of the employer, which is later eligible for deduction from the computation of taxable income. The registration is obtained by the employers and business owners with the respect Municipal Corporation. Being it State based registration, the rate of tax and method of registration is different. Further, there are two types of registrations being – PTEC and PTRC registrations.
Benefits of Professional Tax Registration in India
Documents required for Professional Tax Registration
Complete registration in 3 Easy Steps
Process of Professional Tax Registration online
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|Parameters||Importer Exporter Code||GST Registration||Professional Tax Registration||Shop & Establishments Registration||MSME Registration|
|Applicable To||All importers and exporters||Businesses exceeding prescribed threshold for turnover||Applicability defers based on State Act||Applicability defers based on State Act||All Micro, Small and Medium Enterprises|
|Any business entity undertaking import/export for business purpose from India||If turnover exceeds ₹ 20 Lakh or entity fall under specified category, registration is mandatory||A person earning income from salary or by practicing any profession has to pay the professional tax||All entities need to get registered under shop and establishments at the time of setting up their business||It is not mandatory to register under MSME. Any business entity if wishes can get registered under MSME|
|Regulatory body||Central Government||State and Central Government||State Government||Municipal Corporation||Central Government|
|The code is granted by Directorate General of foreign Trade, Central Government||The tax is segregated into two parts CGST (central) and SGST (state)||The tax is based on income slab-rates decided by state Government||Governed by Municipal Corporation under whose jurisdiction the business place is situated||MSMEs comes under centrally based Ministry of Micro, Small and Medium Enterprises|
|No return are prescribed to file after registration||Annually, monthly or quarterly based on GSTR type||Monthly or yearly based on professional tax liability||No returns are to be filed after this registration||No returns are to be filed after this registration|
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