Professional Tax
What is Professional Tax (PT/Prof Tax/Profession tax)?
PT or Prof Tax refers to a tax levied by the state government on working professionals. This is a nominal tax based on the income of the employee.
Prof Tax is specified for an income range and each range is called as a slab. Each slab has a particular value of Profession Tax.
Not all states have Profession Tax. Some of the states that have Profession Tax are Karnataka, Tamil Nadu. Kerala, West Bengal, etc. Other states do not have this tax.
What are the reports generated for Prof Tax?
• Prof Tax monthly report - This report has two parts: a summary page and a details page
• Prof Tax yearly report (Form 5)- This is an year-end consolidation of all the PT deductions done by the company.
Profession Tax Slabs
Changes time to time by govt
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