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Professional tax exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 March 2012 I Paid prevous 5 years Pending Professional Tax In f.y.2011-2012.Is this I take all amount exemption in this year.
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CA. Nitin Agrawal

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CA. Nitin Agrawal (Expert)
04 March 2012 Yes, the case is covered u/s 43B which allowed deduction on payment basis.

In my view you can claim exemption of all previous 5 year in the F.Y 2011-12.

Regards
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 March 2012 Pl.Anyone tell me as a individual Assesee return filing.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 March 2012 Deduction for profession tax,in the case of salaried employee's, is governed by section 16(iii) of the Income tax Act,1961. The deduction is allowed on payment basis subject to a maximum of Rs.2,500/- per annum irrespective of the number of years to which the amount belongs.
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CA. Nitin Agrawal

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CA. Nitin Agrawal (Expert)
05 March 2012 Thanks for the correction/updation Mr, Warrier..
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