Profession Tax on Rental income on non-residential
This query is : Resolved
19 March 2024
Sir,
Profession Tax on Rental income on non-residential is applicable as per the PT Act Serial Number 38. Hence, can we know the date of effect this.
Profession Tax on Rental income on non-residential is applicable as per the PT Act Serial Number 38. Hence, can we know the date of effect this.
10 July 2024
As of my last update, here is the information regarding the applicability of Profession Tax (PT) on rental income from non-residential properties in Maharashtra:
1. **Applicability**: According to the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975, PT is applicable to persons engaged in various professions, trades, callings, or employments listed in Schedule I of the Act. Serial Number 38 in Schedule I pertains to "Profession of any person who derives income by way of any commission or other remuneration (by whatever name called) for the services rendered as a broker or an agent."
2. **Rental Income**: Rental income from non-residential properties does not directly fall under this specific entry in Schedule I (Serial Number 38). PT is generally not levied on rental income but on professions, trades, callings, or employments as specified in the Act.
3. **Date of Effect**: There is no specific date of effect mentioned for the exclusion of rental income from PT under Serial Number 38 because PT typically applies to specified professions and employments rather than rental income.
4. **Consultation**: For precise and updated information, it is recommended to refer to the latest amendments to the Maharashtra PT Act or consult with a tax professional who is familiar with current PT regulations in Maharashtra.
If there have been recent updates or amendments to the Maharashtra PT Act affecting the treatment of rental income, reviewing the official notifications or consulting with the Maharashtra PT department directly would provide the most accurate information.
1. **Applicability**: According to the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975, PT is applicable to persons engaged in various professions, trades, callings, or employments listed in Schedule I of the Act. Serial Number 38 in Schedule I pertains to "Profession of any person who derives income by way of any commission or other remuneration (by whatever name called) for the services rendered as a broker or an agent."
2. **Rental Income**: Rental income from non-residential properties does not directly fall under this specific entry in Schedule I (Serial Number 38). PT is generally not levied on rental income but on professions, trades, callings, or employments as specified in the Act.
3. **Date of Effect**: There is no specific date of effect mentioned for the exclusion of rental income from PT under Serial Number 38 because PT typically applies to specified professions and employments rather than rental income.
4. **Consultation**: For precise and updated information, it is recommended to refer to the latest amendments to the Maharashtra PT Act or consult with a tax professional who is familiar with current PT regulations in Maharashtra.
If there have been recent updates or amendments to the Maharashtra PT Act affecting the treatment of rental income, reviewing the official notifications or consulting with the Maharashtra PT department directly would provide the most accurate information.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- RATE AND HSN CODE
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
