PT Rates is the professional tax rate which is levied on the profession, trade calling and employment by the Municipal Council. Hence, a half yearly PT rate has to be paid by each and every company which is performing certain transaction and by all who actively participate in any means of authorized profession, trade, or employment.
'''The PT rates for various income levels are as follows.''' For the income group of 21,000 to 30,000 the old tax rate is Rs.60 and revised tax rate is Rs.75, and similarly it various for different income levels such as for 30,001 to 45,000, 45,001-60,000, 60,001-75,000, and 75,001 above old tax rates are 150,300,450,600 and revised PT rates are 188, 390, 585, and 810 respectively.
The above mentioned PT rates are generally published by the executive authority. When an individual person or a company pays the PT rates which in levied according to the Cantonments Act of 1924 to any local authority or any cantonment authority, then such a person or a company will be issued liability under the following reasons such as change of business location, changes in exercising the profession or trade or calling or employment or residence. This is done according to the Central Act II of 1954.
Usually, the PT Rates are levied on the senior member of the family or company or association. For those persons who performs similar kind of business in more than one location with in the town Panchayat, then the PT Rates will be levied based on calculating the income of all such kinds of business operated in all locations.
'''Each and every individual who is liable to pay the PT rates will be issued with the following documents with the necessary details. '''
i) a pass book with details on the payment of the tax rates. In case of loss of pass book a duplicate may be obtained from the executive authority of the municipal council by paying a fee.
ii) Permanent account number etc.