UBS

Professional Tax (PT)

What is Professional Tax (PT)?

Personal tax is defined as a tax paid by an individual earning money through his or her profession. This tax is taken by Govt. and its maximum limit is around 2500Rs/- per year. And Professional Tax can be paid in 12 installments distributed per year. Also, this tax is levied irrespective of the occupation an individual holds.

These kinds of taxes vary from one state to another, because professional tax is implemented by the state govt. Some states and union territories do not charge Professional Tax from a person. These tax deductions are in the form of conveyance, rent allowance, professional tax, etc.

Most companies provide the Professional Tax deduction service from their monthly salary. They direct file their taxes to the government. If you fail to pay tax, it may be a subject to penalty as not paying. It is a punishable offense.

Also, See: Taxable Income

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