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 ?
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.