Profession tax means a tax leviable under on Professions, Trades, Callings and Employments. The GST Department is the nodal agency which collects the Profession Tax dues from professionals in the State.
Profession tax is basically two types 1. Enrollment (Form V Payments) Monthly deduction from salaries 2. Registration:-Profession payable based on the annual turnovers of the registered dealers.
An individual or business entity can obtain the professional tax registration by filing an application in Form I of tax on Professions, Trades, Callings and Employments by furnishing the following details a) Address proof b) Bank account with Branch name c) business registration certificate d) mail ID e) GST Number etc.,.<
Paid up share capital is an amount which is deposited by the shareholders of the compnay in company's bank account towards share capital.
Now the company can be registed with a minimum amount of share capital of Rs. 2/- ie. Rs.1/- investment by each shareholder.
Both employer and employee has to pay this tax. Different state has different slab rates.
3-4 business days.
Different state has different slabs. For example: Telangana government imposes Rs. 2500/- for company, Rs. 2500/- for each director and for employees whose gross salary is from Rs. 15,001 to 20,000, the professional tax is Rs. 150/- and for employees whose gross salary is above Rs. 20,000, the professional tax is Rs. 200/-.
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