08 June 2009
Dear all, I'm working as an LIC agent as well as as an accountant in one MNC. As an LIC agent my annual commission is Rs. 30,000/-. Am I liable to pay profession tax? Is there any limit prescribed by the Profession Tax Act? Pls help me & tell me the provision of the same..........its very urgent!!!
09 June 2009
As a LIC agent you have to pay the profession tax. The tax rate is 2500/- per year. There is no limit provided under the profession tax Act. Even if your income is below Rs. 30000/- you have to pay the profession tax. As you are accountant in MNC and if you are paying the profession tax there then in that case you need not have to pay the profession tax as LIC agent. The P.T. is payable @ w.e. is higher in your both case i.e. salary or LIC agency.
CAclubindia
