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Professional Tax on partner of More than one firm
I am partner in a firm having enrolled in PT paying PT regularly. Now I have started my proprietary firm and got Registered in GST. Do I have to pay PT separately for being partner as well as proprietor. What is the position of person being partner in more than one firm. Does he also have to pay PT separately for being partner in each firm ?
Replies (4)
Quick Summary
PT is required to be paid only once and not from all businesses. So, either pay from proprietary business or partnership firm.
Mohan sir we have a proprietary firm and partner in partnership firm .we have paid professional tax in partnership firm but we are unable to claim expemption in proprietary firm.please explain how to go about claiming expemption
Partnership firm has paid for partners, not for it's own status. So, the PT is debited to partners' capital account thereby reduction in capital account. You can claim this PT as deduction from business income in your personal income tax return.
Sir,
My three family members are partners in two different companies. Do they need to take different PTEC numbers, and two members are senior citizens?
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