Filing your returns for Profession tax is now easier with Greenvissage

No matter how complex is your
tax situation, Our Profession tax
filing Team makes it easy for you.

Profession Tax

Profession Tax

Profession tax is a tax levied by the state on the income earned by way of profession, trade or employment. The tax is levied based on slab rates depending upon the income of the individual. Employers have to deduct the Profession tax from the salary of the employee and deposit the same with the state government.

Profession tax is a deductible amount as per the Indian Income Tax Act and can be deducted from the taxable income.

Every state has its own rules and regulations to govern Profession tax as it is levied by the State Government. Common thing is that all the states follow the slab system based on the income to levy Profession tax. There is a cap of Rs 2,500 beyond which Profession tax cannot be charged on any person.

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How Greenvissage helps Companies to comply with this state tax

01
Professional tax (PT) registrations
Company is also a person carrying on profession/trade and hence is required to pay PT on its trade/profession. Companies are required to obtain PT registration certificate number for the Company and PT enrolment certificate to be able to deduct the tax from its employees pay. We do the PT registrations for the company.
02
Setting up statutory deductions in payroll
Once the company payroll processing is taken up by our Team, the company need not worry about any statutory deductions mandated by the Government. We will implement the deductions in the payroll system for all the employees and this will appear on the monthly payslip for the employees to understand.
03
Profession tax payments
After deducting PT, we make the payments online through the Government portals. The payments need to be made before filing the returns. There are interest and penalty implications for non payment of tax.
04
Profession tax return filings
Every state has defined the parameters and frequency of return filings. Non filing/late filing of returns may attract penalty. For eg: In Maharashtra, a company has to file monthly returns till the end of the first financial year in which the PT certificate is taken, thereafter it depends on the total liability of the year if less than Rs 50,000 then an annual return is applicable or else the monthly returns continue. We file PT returns for companies.
05
Lump sum payment (composition scheme)
According to this scheme, one can discharge its liability for five years by making advance payment of an amount equal to four times of the annual tax liability. Any increase or decrease in the rate of tax within the aforesaid period of five years shall not vary the tax liability of such person.
06
PT Assessments
Any notices from the PT state department are addressed by us by either online replies or manual submissions. It is ensured that any notices, if issued, are closed.

We follow a multi-pronged approach in addressing our client needs:

Standardise

We identify your standard recurring expenses and forecast and budget for it in your expense projection.

Systematise

While making relevant provisions for it on an annual / monthly basis, we also help you design and frame policies that seek to improve efficiencies within your business unit.

Supervise

We set in motion a proactive follow-and-update process on accruing regulatory changes that saves you the ordeal of chasing us.

Simplify

Our deep insight enables us to visualise issues or challenges and give you sufficient buffer time to act on it.

Single point of contact

Along with our accounting services we also closely co-ordinate with several agencies such as bankers, auditors, insurers, lawyers, directors etc.

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Filing your returns for Profession tax is now easier with Greenvissage

Profession Tax

Profession Tax

Today every business needs leadership. We manage your business, while you are busy building it… leading it.

How Greenvissage helps Companies to comply with this state tax

01

Professional tax (PT) registrations

02

Setting up statutory deductions in payroll

03

Profession tax payments

04

Profession tax return filings

05

Lump sum payment (composition scheme)

06

PT Assessments

We follow a multi-pronged approach in addressing our client needs:

Standardise

Systematise

Supervise

Simplify

Single point of contact

Clientele

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Branch Office

Mumbai Office

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