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Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
The tax deducted from employees should be paid to the government in time; The PAN and TAN details should be filled in correctly; The receipt, voucher or challan number of the tax paid to the government should be filled in correctly; Employees should be issued the duly completed Form 16 well in time to file their tax returns with the Income Tax ...
Challan or Chalan is a common Hindi word (चालान, cālān) that has become an Indian English technical word used officially in many professional, especially financial transactions. It usually means an official form or receipt of acknowledgement or other kind of proof document , piece of paperwork, police citation , etc.
Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
The company also manages the Tax Information Network (TIN) for the Income Tax Department, Government of India. [12] As part of this system, Protean facilitates the issuance of Permanent Account Number (PAN) cards and enables electronic submission of Tax Deducted at Source (TDS) returns, along with assisting banks in uploading tax payment data.
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It is also pointed out that the profession tax has, at present, become almost regressive because of the ceiling since even people with high salaries have to pay this tax at only the maximum amount of two hundred and fifty rupees per annum. The upward revision of profession tax will also help the State Governments in raising additional resources. 3.
From January 2008 to December 2012, if you bought shares in companies when Samuel J. Palmisano joined the board, and sold them when he left, you would have a -8.1 percent return on your investment, compared to a -2.8 percent return from the S&P 500.