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PTEC & PTRC Registration

PTEC and PTRC is like Income tax but is collected by the State Government. It is a tax on all kinds of professions, trades and employment and levied based on the income of such profession, trade and employment. It is levied on employees, a person carrying on business including freelancers, professionals etc.
Let the experts of Legal Vidur offer you the needful aid on the P-Tax Registration & Filling process. P-Tax or Professional Tax is being imposed by all the State Govt. on every paid individual. The P-Tax is inflicted based on the profession, trade, or employment of the individual taxpayer. The tax rates also varied according to the various State Governments but the highest amount of payable P-Tax is INR 2000 per annum. Till now, states like Maharashtra, Karnataka, Gujarat, Kerala, West Bengal, Assam, Madhya Pradesh, Orissa, Tripura, and Meghalaya are charging this particular tax.

What is the applicability of PTEC and PTRC?

Company/Firms/LLP: Company, firms, LLP, Corporation, societies, HUF, Associations, clubs are taxable entity.

  • Professionals(Individuals): Legal Practitioners like solicitors, Notaries, medical representatives like dentist, medical consultants, doctors and other professionals like management consultants, tax consultants, surveyors, CS, CA, Insurance agents, engineers, architects and contractors are all considered as professional individuals who need to pay professional tax.

What is a PTEC and PTRC Certificate?

There are two types Professional tax certificates:

PTEC (Professional Tax Enrollment Certificate): This is paid by the business entity, owner or a professional i.e. Private/ Public Limited Company, Sole Proprietor, Director Etc.

PTRC: (Professional Tax Registration Certificate): Government or Non- Government employer deducts the tax from the employee’s wages and deposits the same to the government.

Documents Required

The following documents are mandatory for online P-Tax registration by Corporate Sewa Kendra

Document required for professional tax Enrollment

  • Pan Card
  • Aadhar Card
  • A proof of the workplace with NOC from the owner of that location
  • Bank 1st page / Statement
  • Govt fees Rs 300/-( Three Hundred Rupees only)
  • Registered Moblie no & Email id

Document required for professional tax Registration

  • Acknowledgement of the online form, along with the print out of the digital form submitted.
  • Copy of PAN Card.
  • Residence proof of Partner, Director, Proprietor.
  • Proof of Constitution of business like Certificate of Incorporation.
  • Blank Cancelled Cheque.
  • Address proof of Business place.
  • Establishment Certificate.
  • PAN& PTEC details.

Advantages

Deduction

The professionals can claim a deduction in their wages based on the paid professional tax. The particular subtraction will be allowed in the same year in which the taxpayer paid the P-Tax amount.

Staying away from penalty

Failing in P-Tax registration & filling can lead to a large amount of penalties that keep raising with time.

Facilitating the State Govt.

The local authorities and State Govt. requires this taxable amount for various development issues.

Easy to conduct

The P-Tax regulations are very easy to follow along with the registration process for this particular matter as a whole.

Judicial requirement

According to the rules and regulations of the Indian Govt. every working professional is obliged to pay the professional tax