Hello,
If you are a salaried individual, then you must be aware of ‘professional tax’ as it’s usually specified in Form 16/payslips issued to you. But, do you know what it is? No? Then worry not! I will explain professional tax to you and will also answer your query on “is professional tax refundable”
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What is Professional tax?
Professional tax is a tax on every kind of employment, trade, and profession and levied based on the income of such employment, trade, and profession. It is levied on employees, an individual carrying on the business, such as professionals, freelancers, etc., subject to income exceeding the monetary threshold.
It is a kind of tax on income levied by the State Government (not every state in the country choose to levy professional tax).
Note: Professional tax is a deductible amount as per the Income Tax Act, and can be deducted from taxable income.
Professional Tax Refund Employee: Professional Tax is Refundable or Not
Professional tax is paid at the month end presuming that you’ve carried out the profession in that month. That’s why there can be no refund once the professional tax is paid. However, while filing your income returns, you can claim a deduction of professional tax.
However, I want you to know that you can claim the refund of the excess tax deducted/paid during an F.Y. by filing the ITR for that year. According to IT Act, you are required to file the return in the relevant assessment year by the 31
st
of July (unless the IT department extends the deadline) to claim the refund from income tax.
I hope this answers your question on “can we get refund of professional tax”
Read more:
How to get professional tax certificate?
What is the professional tax helpline number?
How to find professional tax number?
What is professional tax?
This is all on “is professional tax refundable”
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Authors Of The Question
Is professional tax refundable?
Parul
965 Views
1 Answers
2 Year
2022-09-06T13:37:00+00:00 2022-09-06T19:04:46+00:00Comment
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