Table of Contents
Is profession tax an indirect tax?
What is Professional Tax (PT)? Professional tax is an indirect tax levied by the State government. As per Section 16 (iii) of the Income Tax Act, 1961, the tax is deductible from an employee’s gross income.
What are the three types of indirect taxes?
Different Types of Indirect Tax
- Service tax:
- Excise duty:
- Value Added Tax:
- Custom Duty:
- Stamp Duty:
- Entertainment Tax:
- Securities Transaction Tax:
Which is best book for CA final audit?
CA Final Audit Books to Refer:
| Faculty | Book Name |
|---|---|
| CA Pankaj Garg | CA Final Audit MCQs Book By Pankaj Garg |
| CA Surbhi Bansal | CA Final Audit Main Book By CA Surbhi Bansal |
| CA Ravi Taori | CA Final Audit Questionnaire and MCQ Book Set By CA Ravi Taori |
| CA Final Audit Bhaskar In Depth Guide Main Book Set By CA Ravi Taori |
How can I reduce my professional tax?
Save Income Tax on Salary
- Deductions under Section 80C, Section 80CCC and Section 80CCD. Citizens of India can save tax under these 3 sections.
- Medical Expenses.
- Home Loan.
- Education Loan.
- Shares and Mutual Funds.
- Long Term Capital Gains.
- Sale of Equity Shares.
- Donations.
Can I claim professional tax?
In your income tax return, professional tax is allowed as a deduction from your salary income.
What is indirect tax examples?
Indirect taxes are typically added to the prices of goods or services. Sales tax, value-added tax, excise tax, and customs duties are examples of indirect taxes.
Is GST indirect tax?
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.