Is professional tax included in TDS?

Tax Deducted at Source (TDS) is the amount that is deducted from your earning by your employer or by the person who is making payments to you. Your income, on which TDS is applicable, can come from your investment interest earnings, savings, salary or salaries, rent payments, professional fees, etc.

Is professional tax included in income tax?

The maximum amount of professional tax that can be levied by a state is Rs 2,500. It is usually deducted by the employer and deposited with the state government. In your income tax return, professional tax is allowed as a deduction from your salary income.

What will be reflected in 26AS?

Form 26AS is a consolidated annual tax statement that contains all the tax-related information of the taxpayer. For example, if your employer has deducted a part of your salary towards Provident Fund, or if tax has been deducted at source (TDS), the details can be cross-checked in Form 26AS.

Who is liable for professional tax?

In case of Salaried and Wage earners, the Professional Tax is liable to be deducted by the Employer from the Salary/Wages and the Employer is liable to deposit the same with the state government. In case of other class of Individuals, this tax is liable to be paid by the person himself.

Who is responsible to collect and pay professional tax?

Every person engaged in any profession, trade, calling or employment and falling under one or the other of the classes mentioned in the second column of the Schedule shall be liable to pay to the State Government tax at the rate mentioned against the class of such persons in the third column of the said Schedule.

What is 26AS form of income tax?

What is form 26AS? Form 26AS is a consolidated annual tax statement that shows the details of tax deducted at source, tax collected at source, advance tax paid by the assessee along with self-assessment tax. This information is specific to a Permanent Account Number (PAN).

How can I see my form 26AS?

View Tax Credit Statement (Form 26AS)

1. Go to the ‘My Account’ menu, click ‘View Form 26AS (Tax Credit)’ link.
2. Read the disclaimer, click ‘Confirm’ and the user will be redirected to TDS-CPC Portal.
3. In the TDS-CPC Portal, Agree the acceptance of usage.
4. Click ‘View Tax Credit (Form 26AS)’

What is Form 26AS in income tax?

View Tax Credit Statement (Form 26AS) The Form 26AS displays the various taxes deducted/paid on individual’s. income from/through various sources. It includes details of, • Tax Deducted at Source (TDS)

Where is form 26AS available?

View Tax Credit Statement (Form 26AS) Go to the ‘My Account’ menu, click ‘View Form 26AS (Tax Credit)’ link. Read the disclaimer, click ‘Confirm’ and the user will be redirected to TDS-CPC Portal. In the TDS-CPC Portal, Agree the acceptance of usage.

Is it mandatory to deduct professional tax?

It is a source of revenue for the government. It is deducted by the employer from their employee every month and remitted to state exchequer and in some states sent to the Municipal Corporation. It is mandatory to pay professional tax.

What are the details in form 26as?

A typical Form 26AS may consist of the following details: Advance tax paid by the employer on your behalf or TDS deducted on your salary will get reflected in Form 26AS. The details of the deductors such as name of the deductor or Tax Deduction Account Number (TAN) are also mentioned in Form 26AS.

Why is there a mis-match between form 16 and form 26as?

There are many reasons for the mis-match between the TDS certificates such as Form 16 or Form 16A and Form 26AS. Chartered accountants advise that once you have received TDS certificates such as Form-16/Form-16A etc., you must make sure that the amount of tax deducted as shown in the TDS certificate is reflecting in Form 26AS as well.

Does TDS certificate show on form 26as?

Chartered accountants advise that once you have received TDS certificates such as Form-16/Form-16A etc., you must make sure that the amount of tax deducted as shown in the TDS certificate is reflecting in Form 26AS as well. Apart from TDS certificates and interest certificates, Form 26AS

Why is my tax credit not matching my form 26as?

“There are several reasons due to which tax credit as seen in the Form 26AS might not match with the amount actually deducted. Some of these could be: amount of tax deducted from salary is not correctly reported by the employer, TDS deduction is reported in wrong section etc.” — Abhishek Soni, CEO, tax2win.in