Individuals who are doing jobs, businesses, or are entrepreneurs always get confused when it is all about paying taxes. Whether you draw a salary or earn it via business, you need to pay a certain amount of your income as tax to your respective state government. The whole matter is full of complex calculations and the rate of tax differs from state to state in India. So, if you are a businessman or a working professional, you can take the help of CA Chandan Agarwal & Co. to know how much tax you need to pay.
What is Professional Tax?
The tax you need to pay based on your income is called a professional tax in general. If you are a salaried employee then you need to consider your salary slip to calculate how much tax you need to pay. You can also ask the HR personnel in your organization to inquire about it too. When you take a close view of your salary slip, you get to know that every month your employer deducts a certain amount of your salary and pays the amount to the state government on your behalf. This amount is certainly known as professional tax.
Even, individuals who are self-employed like doctors, lawyers, artists, brokers, businessmen, or anyone from different professional realms need to pay taxes based on their income.
Role of TDS in Income Tax
Many times, we mistake TDS as our tax payment. Though, it is not. TDS or tax deduction at source is something that is deducted from the earnings of your employer or the person who pays you. The deduction follows a certain pre-determined slab of TDS. TDS acts like a tax that every employee pays in advance. The documents of TDS benefit you when you file ITR.
Summing Up,
All the things related to tax payment seem interesting and easy when there is an expert to make you understand. To understand your tax amount, you can consult with CA Chandan Agarwal & Co at your convenience.