Stay On The Legal Side With The Help Of A Professional Tax Registration Service
Whether you run a small business or a large corporation, you should know that you are required to calculate and register the professional tax for each of your employees. Learn everything you need to know about the professional tax registration process, as well as the reasons why you might want to hire a specialized service to help you out in submitting all documents and completing the registration in the smallest amount of time possible.
The professional tax should not be confused with the income tax. While they are essentially the same thing, they are calculated differently. More than that, the professional tax must be paid even by people earning less than 5,000 RS per month who would normally be exempt from paying it.
In some states, the professional tax must be registered monthly, while in others twice per year. The sum you earn monthly also plays a role in how often you must submit the tax documentation.
Since the fines are quite hefty if you don’t register for the professional tax within 30 days of hiring an employee, you should hire a reputable company such as Uptra Consultancy Services and make sure you are able to register in a timely manner.
Reasons Why Professional Tax Registration Is Important For Your Employees
No matter in which state of India you are running your business, you should know that the professional tax registration process is mandatory and that you should make sure to file the required tax statements in time every time in order to avoid complications.
The professional tax, unlike the income tax, is payable by anyone carrying out a profession. No matter what the profession is, be it bartender, lawyer, accountant or dancer, the professional tax is to be paid. People exempt from the income tax must pay the professional tax.
Depending on the state, you must file for the professional tax differently for your employees depending in how much they earn. In some states there is a minimum payable amount while in others it is a percentage of the monthly salary.
Rather than wasting precious hours looking up tables, doing calculations and then waiting for a chartered accountant to audit and approve it, why wouldn’t you hire one to handle all the in the first place? Uptra Consultancy Services has many chartered accountants that could help you fill out all the forms required and file them in a timely manner, so that you will stay away from trouble and make sure your company won’t need to pay any fines.
What Is Professional Tax Registration And What Do You Need To Do To Register?
Whether you are a freelance professional or a business owner with many employees, you should be aware of the fact that you need to pay the professional tax in order to prevent penalties and other fines.
The professional tax is a state-tax imposed in all states in India. Even if you work as a professional such as a lawyer or a chartered accountant, you still need to pay it. As an employer, you will need to apply for professional tax registration as well, one for each employee. The amount paid is to be retained from the salary.
Different states have a different rate, as well as different time intervals for return filing. In some states, you need to register twice per year, while in others even monthly, if you earn or have employees earning more than Rs. 20,000 per month. Keeping track of all these things might be pretty tough. The good news is that you have companies such as Uptra Consultancy Services that can help you calculate the tax and file the important documentation stress-free, and all that within the required 30 days imposed in most states in India.
So register for the professional tax and make sure you stay out of trouble with some of the best professionals in the country – our team here at Uptra Consultancy Services.
Turning To The Best Professional Tax Registration Services To Stay Up To Date
If you want to make sure that your company is paying all the mandatory state-taxes and that you don’t leave any important detail out, then your best bet would be to turn to a professional tax registration service that can help you stay up to date and ensure you comply with the taxes of your state.
There are many taxes you need to account for, and the professional tax is one of them. It is similar to the income tax but payable by ano9ne regardless of the minimum salary.
An important aspect to note about the professional tax is that the amount of time you need to file in the documentation is 30 days from the moment you hire an employee. If you are operating in a state where you are required to send these tax statements once per two months or even monthly, then you could be looking at a lot of time wasted, let alone the frustration.
Luckily for you, there are quite a few consultancy companies glad to help you out, and Uptra is one of the leading firms in the field. Hiring our chartered accountant services would provide you with an easy solution and make sure that you comply with the professional tax requirements in India.