PUNJAB STATE DEVELOPMENT TAX IS ALSO PROFESSIONAL TAX?

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January 21, 2019 | GENERAL REPORTS/TOPICS, SERVICES | Post by: admin

PUNJAB STATE DEVELOPMENT TAX 2018

IT IS THE TAX LEVIED BY GOVT. OF PUNJAB ON EVERY INDIVIDUAL WHO IS AN INCOME TAX PAYEE AND WHOSE TAXABLE INCOME FOR THAT FINANCIAL YEAR BEFORE ALLOWING DEDUCTION OF DEVELOPMENT TAX EXCEEDS THE MAXIMUM AMOUNT WHICH IS NOT CHARGEABLE TO INCOME TAX BY THE AMOUNT OF TAX PAYABLE BY HIM UNDER THIS ACT FOR THE SAID YEAR.THIS TAX IS LEVIED UNDER SECTION 276 OF INDIAN CONSTITUTION SO IT CAN SAID TO BE A PROFESSION TAX.

WHETHER IT IS DEDUCTIBLE FOR THE CALCULATION OF INCOME TAX

PROFESSION TAX IS DEDUCTIBLE U/S 16 OF INCOME TAX ACT SO IT ALSO DEDUCTIBLE FROM GROSS INCOME FOR THE PURPOSE OF COMPUTITION OF INCOME TAX.MAX ALLOWED DEDUCTION UNDER ACT IS RS. 2500/-.

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