In general, your employer includes this deduction when calculating the tax deducted at source (TDS) on your annual salary. Form 16 should reflect this amount. The standard deduction can, however, be claimed if it is not included. When Claiming the Standard Deduction, Which Documents or Bills Must Be Presented? No proof of expenses is required…
Tag: online professional tax registration
Professional Tax – Meaning, Rates & Compliance
As ‘professional tax’ would have been mentioned in the payslips/Form 16, salaried employees should be familiar with it. However, they may not know what it is or why it is deducted from their salary income on their salary slips. This article thus aims at providing a clearer picture of the ‘Professional Tax’ and why it…
What Every Business Owner Needs to Know About Professional Taxation
Business owners must comply with many state and central regulations regarding licenses and taxes. Professional taxes are one state obligation. The amount payable varies slightly in each state, and this is a state tax. In order to ensure your business collects and pays the correct professional tax each month, you need to follow these steps….