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Professional tax


ThakurAnshdeepSingh (student)     08 May 2015

ThakurAnshdeepSingh
student 
 3 likes  92 points

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Quick Question. Correct me if I'm wrong. Professional tax limit is 2500 and it can be claimed in the year of payment. Right?What if someone pays 1000 for year 1 and 3000 for year 2 both in same year. How much deduction will he get?

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Poornima Madhava (ACMA)     09 May 2015

Poornima Madhava
ACMA 
 513 likes  5579 points

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I think under ITA, PT can be claimed without any limit to the extent it is paid to the Govt during the particular year

AMAR KRISHNA (OFFICER)     10 May 2015

AMAR KRISHNA
OFFICER 
 25 points

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dear sir, please clarify the date from when does the period of 180 days, under sec 54EC, start for investing in govt securities in reference to long term capital gains - is it from the date of agreenmnt to sale and receipt of token amount or from the day of regisistration of the sale of the property, which may be later, on receipt of the whole amount of payment.

thank you

amar krishna

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Jishnu Surendran (Finance Manager)     17 May 2015

Jishnu Surendran
Finance Manager 
 11 likes  312 points

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if you are an assessee having income under the head business...you cannot defer the expenditure as in the next year it will become a 'prior period item'

and let me tell you...the limit of rs. 2500 is stipulated by the Constitution of India ( Article 276 (2) ) and the government cannot levy any amount about the limit unless the amend the article.....

for salaried assessees it should be actually paid in the year...so if you have paid 2500 for the year..you cannot defer a part of it


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