Profession Tax
Profession tax is collected from all companies and individuals transacting business or engaged in a profession for at least 60 days in a half-year. They are bound to pay the tax at such rates as are fixed by the concerned local government subject to the maximum rates prescribed by the Government. The rates are as follows:-
Table:Rates of Profession Tax in Grama Panchayats & Municipalities
| Sl No | Half-yearly income
(Rupees) |
Maximum half-yearly tax
(Rupees) |
|---|---|---|
| I | Between 12,000-17,999 | 120 |
| II | Between 18000-29,999 | 180 |
| III | Between 30000-44,999 | 300 |
| IV | Between 45000-59,999 | 450 |
| IV | Between 60000-74,999 | 600 |
| VI | Between 75000-99,999 | 750 |
| VII | Between 1 lakh -124,999 | 1000 |
| VIII | Between 1.25 lakh onwards | 1250 |
Profession tax constitutes the second largest source of own income for the Grama Panchayats and has the fifth position for the urban local bodies.
Read more about this topic: Local Government Finance In Kerala, Tax Revenue of Local Governments
Famous quotes containing the words profession and/or tax:
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—Herman Melville (1819–1891)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)