Dear All,
Greetings!
i just want to know what is PT, why we are deducting ?( Professional Tax 15000/- to 19999/- 150Rs and 20k and above 200Rs)
and send to SBI , my ? is what is the objective of PT?
and objective of TDS ?
From India, Hyderabad
3Greetings!
i just want to know what is PT, why we are deducting ?( Professional Tax 15000/- to 19999/- 150Rs and 20k and above 200Rs)
and send to SBI , my ? is what is the objective of PT?
and objective of TDS ?
From India, Hyderabad
Dear Satya,
Your question is not very clear.
You are asking what is objective PT = simply it is tax on employment.
What is TDS here payee is made responsible to deduct some amount and pay it govt treasury and pay the amount to beneficiary. Further payee should issue certificate to the extent of deduction.
Ramakant
From India, Pune
Your question is not very clear.
You are asking what is objective PT = simply it is tax on employment.
What is TDS here payee is made responsible to deduct some amount and pay it govt treasury and pay the amount to beneficiary. Further payee should issue certificate to the extent of deduction.
Ramakant
From India, Pune
Dear Mr. Satya,
TDS:
Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.” Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.
The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.
PT:
Professional Tax is a Tax which is levied by State on the income earned by way of profession, trade or employement. This tax is levied based on slab rates depending on the income of the individual. Tis tax is just like income tax except for te fact that Income Tax is collected by the central Govt. and Profesiional Tax is collected by the State Govt.
Any amount paid as professional tax to the State Govt. is allowed as a deduction under Sec-16 of the Income Tax Act and Income Tax on the balance amount is levied as per the Income Tax slab rates in force.
Hope the difference shown above will clarify your queries.
Info. Source: en.wiki
Regards,
S.N.Raju.U.
From India, Hyderabad
TDS:
Tax deducted at source (TDS), as the very name implies aims at collection of revenue at the very source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.” Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.
The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.
PT:
Professional Tax is a Tax which is levied by State on the income earned by way of profession, trade or employement. This tax is levied based on slab rates depending on the income of the individual. Tis tax is just like income tax except for te fact that Income Tax is collected by the central Govt. and Profesiional Tax is collected by the State Govt.
Any amount paid as professional tax to the State Govt. is allowed as a deduction under Sec-16 of the Income Tax Act and Income Tax on the balance amount is levied as per the Income Tax slab rates in force.
Hope the difference shown above will clarify your queries.
Info. Source: en.wiki
Regards,
S.N.Raju.U.
From India, Hyderabad
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PT,ESIC,TDS,FBT ,S[1][1].Tax Calculator.xls
TDS circular.pdf