Form 3CEB – Specified Domestic Transactions
Overview: What Are Specified Domestic Transactions (SDTs)? Specified Domestic Transactions (SDTs) are domestic arrangements between related parties that are subject to transfer pricing regulations under Indian tax law. Though commonly associated with international transactions, India’s tax regime mandates disclosure and arm's length pricing for certain high-value domestic transactions as well. These transactions must be reported in Form 3CEB, certified by a Chartered Accountant, and submitted alongside the Income Tax Return (ITR) if the total value exceeds ₹20 crore in [...]
Concept of Taxation in India: Key Tax Laws Entrepreneurs Must Know
Understanding the Concept of Taxation Taxation is the mandatory contribution levied by the government on individuals and businesses to fund public expenditures. In India, taxation serves a broader purpose—economic stability, redistribution of wealth, and funding national growth. India is referred to as having one of the complex tax laws in the world, which is why every entrepreneur must be clear of basic tax concepts. Historically, India's taxation system evolved from the times of the Mauryan Empire, gradually maturing into [...]
Professional Tax in Assam & Bihar for Self-Employed
Professional Tax in Assam & Bihar for Self-EmployedProfessional Tax (PT) is a state-imposed tax on individuals earning an income through employment, profession, or trade. The tax rates and regulations differ from state to state. Below is an overview of the PT amounts payable by self-employed individuals or businesses in the states of Assam and Bihar. Professional Tax in AssamIn Assam, the PT rates for self-employed individuals and businesses are categorized based on their annual income or specific professional classifications:Annual Income-Based [...]
Professional Tax in Assam – Rates & Filing Guide
Professional Tax in Assam – Rates, Registration & Filing Guide What is Professional Tax in Assam? Professional Tax (PT) in Assam is a state-imposed tax governed by the Assam Professions, Trades, Callings, and Employments Taxation Act, 1947. It applies to both salaried individuals and self-employed professionals, including businesses, traders, and certain specialized professions. PT is collected by the state government and used for public welfare and administrative functions. Who is Liable to Pay Professional Tax in Assam? Professional Tax [...]
Professional Tax in Rajasthan – A Guide
Professional Tax in Rajasthan – A Comprehensive Guide Professional Tax (PT) is a state-imposed tax on income earned through employment, profession, or trade. It is levied by individual states under Article 276 of the Indian Constitution and collected by local state governments. While states like Maharashtra, Karnataka, and Gujarat have implemented this tax, Rajasthan does not currently levy professional tax as of 2024. Does Rajasthan Levy Professional Tax? No. As of now, Rajasthan has not enacted any legislation imposing [...]
Professional Tax in India for Self-Employed & Businesses
Professional Tax in India: A Complete Guide for Self-Employed & BusinessesIntroduction to Professional TaxProfessional Tax (PT) is a state-imposed tax levied on individuals earning income through employment, profession, trade, or business. While it is applicable across various states in India, the rates, slabs, and exemptions differ from one state to another. Both salaried individuals and self-employed professionals are required to pay this tax. Who Needs to Pay Professional Tax? Salaried Employees: Deducted by the employer and deposited with the state [...]
