LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Professional tax

ThakurAnshdeepSingh (student) (92 Points)

08 May 2015

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?

Reply
Follow
Share

3 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 09 May 2015

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) (25 Points)
Replied 10 May 2015

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

Jishnu Surendran (Finance Manager) (312 Points)
Replied 17 May 2015

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