Professional Tax in Maharashtra – A Comprehensive Guide
Professional Tax in Maharashtra – A Comprehensive GuideWhat is Professional Tax? Professional Tax (PT) is a state-imposed tax levied on salaried individuals, self-employed professionals, and business owners. In Maharashtra, it is governed by the Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975. Applicability of Professional Tax in MaharashtraProfessional Tax applies to:Salaried Individuals: Employees working in private or government organizations.Self-Employed Professionals: Doctors, Chartered Accountants, Lawyers, Engineers, and Consultants.Traders and Business Owners: Shops, commercial establishments, and service providers. [...]
Professional Tax in Punjab: Complete Guide
Professional Tax in Punjab – A Comprehensive Guide Professional Tax (PT), officially referred to as the Punjab State Development Tax, is a state-level tax imposed on individuals earning income through salaries, professions, or businesses. It is governed by the Punjab State Development Tax Act, 2018 and administered by the Punjab State Taxation Department. The collected tax contributes to state development and public welfare initiatives and is mandatory for eligible individuals and entities. Who is Liable to Pay Professional Tax [...]
Professional Tax in Sikkim: A Complete Guide
Professional Tax in Sikkim – A Complete Guide What is Professional Tax? Professional Tax (PT) is a state-imposed tax on salaried employees, self-employed professionals, and businesses. It is deducted monthly from salaries and paid to the state government. Applicability of Professional Tax in Sikkim Sikkim levies Professional Tax under the Sikkim Tax on Professions, Trades, Callings, and Employments Act, 2006. The tax applies to: Salaried Employees (Government & Private sector) Self-Employed Professionals (Doctors, Lawyers, CAs, Consultants, etc.) Traders & [...]
Income Tax Implications on Wedding Gifts in India
Income Tax Implications on Wedding Gifts in India Introduction Weddings in India are grand celebrations, and gifts—whether in cash, jewelry, or property—play a significant role. However, many people are unaware that these gifts can attract income tax under the Income Tax Act, 1961. If not planned properly, the recipient may end up paying tax on them. This article will cover: Taxability of wedding gifts under the Income Tax Act Exemptions under Section 56(2)(x) Practical ways to save tax on [...]
Professional Tax in Telangana: Rates, Registration & Payment
Professional Tax in Telangana – A Complete Guide Professional Tax is a state-level levy imposed on individuals earning income through employment or self-employment in Telangana. It applies to a wide range of professionals and trades under the Telangana Tax on Professions, Trades, Callings, and Employments Act, 1987. The tax is collected by the state's Commercial Taxes Department and contributes to local infrastructure and welfare programs. Who Needs to Pay? In Telangana, the tax covers a variety of income-earning entities [...]
Tax on Cryptocurrency in India: A Complete Guide
Tax on Cryptocurrency in India: What You Need to Know Cryptocurrency has gained massive popularity in India, with thousands of investors trading Bitcoin, Ethereum, and other digital assets. However, what many don’t realize is that crypto transactions are heavily taxed under the Income Tax Act, 1961. If you're a crypto investor, understanding the tax implications, reporting requirements, and possible ways to reduce tax liabilities is crucial to avoid penalties and ensure compliance. How is Cryptocurrency Taxed in India? The [...]
