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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.
This may be assessed against anyone responsible for the funds from which payment of withheld tax could have been made. Paying withheld Federal taxes late may result in penalties up to 10%, plus interest, on the balance paid late. State penalties vary. Failure to timely file withholding tax forms may result in penalties up to $50 per form not filed.
Along with tax season comes tax preparation, which few people enjoy even if you're owed a tax refund instead of a tax bill. Not only do you have to file a federal tax return, but in most states ...
Donors of gifts in excess of the annual exclusion must file gift tax returns on IRS Form 709 [100] and pay the tax. Executors of estates with a gross value in excess of the unified credit must file an estate tax return on IRS Form 706 [101] and pay the tax from the estate. Returns are required if the gifts or gross estate exceed the exclusions.
On paper, not having to pay taxes sounds great. But states with no state income tax come with their own drawbacks (including high sales taxes).
States collect income tax to pay for services such as education, medical care and public infrastructure. A large part of each state’s revenue comes from personal income tax as well as sales tax ...
The West Virginia municipal B&O tax is a gross receipts tax, with no deductions whatsoever allowed. Rates vary according to the type of business, and differ from city to city. [8] For example: The state capital, Charleston, divides businesses into 14 categories for purposes of B&O taxation. Rates ranging from $0.15 per $100 gross receipts for ...
22 states and the District of Columbia offer a Free File program for state tax returns. The best way to get details on how to take advantage of the Free File program for your state is to visit ...
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