• Professional Tax is a kind of tax charged by various State Governments. The tax is charged on the income earned by individuals who are engaged in various professions.
• Professional tax came into existence in 1949 when the government of India entrusted the responsibility of collecting professional tax to the states as per the Article 276, Clause 2 of the Indian Constitution.
• Professional tax is almost similar with Income Tax. The only difference is professional tax is charged by the State Government while Income Tax is charged by the Central Government.

PROFESSIONAL TAX IN MAHARASHTRA

• Professional tax is applicable for both salaried and self-employed professionals who earn income working in government and private organizations and any other modes of employment.
• . Employers who are liable to subtract and pay profession tax on their employees’ behalf, apart from government officers, are given registration certificates (PTRC).
• All persons who are mandated to pay this tax, apart from those whose profession tax is paid by their employers, are given enrolment certificates. (PTEC)

DOCUMENTS REQUIRED FOR PROFESSIONAL TAX REGISTRATION

1. Company charter documents (MOA & AOA)
2. Place of business proof with ownership details
3. Place of residence of all the directors with ownership proof
4. Two photographs of the all the directors
5. PAN of business and all the directors
6. Cancelled cheque from company’s current account and director’s saving and current account.
7. Shop and establishment certificate

• Registration of any business entity under the GST Law implies obtaining a unique alphanumeric code from the concerned tax authorities for the purpose of collecting taxes on behalf of the Government and to avail input tax credit of the taxes paid on its inward supplies.
• Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him. The taxable event under GST is “supply”.
• Every person who undertakes a transaction amounting to supply, has to register himself under the GST if his aggregate turnover in a financial year crosses the threshold limit prescribed from time to time.
• However, the person having turnover below the threshold limit can still opt for voluntary registration and such person shall be treated at par with all other normal registered persons.
• Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number).
• There are various advantages of GST registration. You can also avail input tax credit and collect GST from recipients of goods and services.

DOCUMENTS REQUIRED FOR GST REGISTRATION

1. However, the person having turnover below the threshold limit can still opt for voluntary registration and such person shall be treated at par with all other normal registered persons.
2. Identity and Address Proof of Promoters.
3. Identity proof and address proof documents like PAN, Passport, Driving License, Aadhaar Card or Voter ID must be submitted for all the promoters.
4. Business Registration Document (If Any). Proof of business registrations like certificate of incorporation, partnership deed, etc. must be submitted.
5. Address Proof for Place of Business. Documents like Rent agreement or sale deed along with copies of electricity bill or latest property tax receipt must be submitted for the address mentioned in the GST application.
6. Bank Account Proof. Scanned copy of the first page of bank passbook showing a few transaction and address of the business must be submitted for the bank account mentioned in the registration application or cancelled cheque bearing the name of taxpayer must be submitted.
7. Documents Required for other GST Registration/ Cancellation/ Revocation link :https://www.gst.gov.in/docadvisor/

• Erstwhile know as Udyog Aadhar , now wef 01/07/2020 Udyam Certificates will be issues to Micro, Small and Medium Enterprises as per their respective classification.

• Import Export Code (also known as IEC) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India.
• It is also known as Importer Exporter Code. It is mandatory for companies and businesses to obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this code.

• DOT OSP license is required by everyone planning to start a call centre, BPO or KPO. The basic requirement is that the applicant should be a Private Limited Company or a LLP.
• The DOT license application is a complete online process and can be obtained in 15 days.

• Charitable Trusts are eligible for exemption under Income Tax provided they apply to Commissioner of Income Tax Department for 12A Certificate. Further, donations made by donors are eligible for tax benefits provided such trust have availed 80G Certificate from Income Tax Department.

• The Foreign Contribution Regulations Act or FCRA is a law enacted by Parliament to regulate foreign contribution (especially monetary donation) provided by certain individuals or associations to NGOs and others within India. Any Donation from outside India needs necessary approvals and permissions.