Professional tax exemption

This query is : Resolved

Querist : Anonymous

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.

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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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

Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2012 Pl.Anyone tell me as a individual Assesee return filing.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

CA. Nitin Agrawal

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

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