Financial Management: "Professional Tax" For Dentists

                                        Financial Management: "Professional Tax" For Dentists

I have come across many incidences where professionals had to pay additional interest to the government as they failed to pay their professional tax and this happens because most of them were unaware of Professional Tax. Some also have misconception that taxes are to be paid only when their income comes in the tax bracket & they approach CA only when their income becomes taxable under Income tax. This blog is an attempt to expound the concept of professional tax and help you save on penalties.  

 

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What is Professional Tax Or PT?

PT is a tax charged on the income earned by way of profession or employment. This is additional to income tax and has to be paid to State Government. Professionals like doctors, lawyers, chartered accountants, artists etc comes under the purview of this tax. This is a slab-based tax and the rates vary state to state however the maximum amount that can be charged as PT by any state is Rs. 2500 annually. 

 

Registration for Professional Tax 

It is advisable to register your practice for PT immediately after commencement of dental practice. Before registering yourself for PT, you need to understand two main things one is PTRC and the other is PTEC. 

Professional Tax Registration Certificate (PTRC) is to be obtained by the professional in the capacity of employer. For instance, if you have 10 employees working with you in your business having monthly salary more than 7500, then you need to deduct PT on their salaries every month as per the rate given (Rs.200 per month & Rs.300 for February month).

Professional Tax Enrollment Certificate (PTEC) is to be obtained by the professional for its own existence and engaging in profession (business) within the state of Maharashtra.

PTR will have to be paid according to the salary paid to employees whereas PTE is fixed at Rs.2500 annually.

 

How to register? 

Step 1: Log on to www.mahavat.gov.in and open ‘e-PT Registration’ in e-services and fill in details like Name of the applicant, PAN, TAN, Status of Applicant and Location. Select Act as ‘PTRC/PTEC Registration’ (any one which you have to register for), the e-application for registration in ‘Form I’ will open for PTRC and ‘Form II’ for PTEC. Fill in the complete details and ‘Submit’.

 

Step 2: Once the application is submitted; an acknowledgement is generated containing date and time for attending before registration authority along with designation and address of registration authority. This acknowledgement has to be printed and signed by the applicant and produced before the PT registration authority at the time of verification on given date and time along with relevant documents. Once it is approved by the authority, TIN (Registration Certificate Number under the profession Tax Act) is generated. 

 

Step 3: After obtaining Registration Certificate the certificate holders are now needed to enroll themselves for the e-services on the same website, this will enable them to file e-return and e-payment of professional tax. 

 

The due date for paying PT is before 30th June of every financial year.

 

Consequences of late payment or non-payment of PT:

For late payment of PT, interest @1.25%-2% pm is levied and the state may also impose a penalty of 10% of the total amount due.  

Please Click Here for the due Dates for profession tax payment

Source : DentistFriend

What After BDS: MBA From Australia

 

What After BDS: MBA From Australia

Third year of my graduation was the realization point for me that I'm really not loving what I'm doing. Days were going fine with everyone around but nights were depressing. I used to think a lot about how I'm going to deal with what I'm feeling. It used to scare me. I often used to get depressed and think that what I'm doing now is safer and better than changing my field completely and who knows, I might get too unhappy and regret my decision.

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Yes, I was thinking of changing my field and get into management full time and that's how the search for other opportunities started. To do MBA from India, is a very tedious procedure and was stressing me out. My parents were aware of this and they completely supported my decision. Suddenly, my parents impromptu business visit to Australia somehow turned my world upside down for better. It was my father who suggested me to do research and look for better universities and that's how my journey started. If you are planning to study abroad after your BDS from India then, before you proceed; do read my blog post on "Things To Consider Before Studying Abroad"

If you guys are really interested in pursuing MBA in hospital management from Australia then here are the answers to some common questions,

Why MBA in Hospital Management?

 

MBA in hospital management has good scope in India and other countries due to the increase in awareness among people. It has emerged as a new career opportunity not only for doctors but also for other science graduates. After completing MBA, there are enough options you can opt for. You can get into hospital management or can join companies related to health and marketing. Scope is vast but the clarity and the assurance about why you really want to do it, is important. All these things doesn't matter unless and until you have the interest for management. If you are sure that you really enjoy management than clinical field then you should completely go for it.

Why I chose Australia?

 

1.Procedure is relatively simple.

2.Has some really good universities.

3.Has really good scope in health management.

4.Flexible enough to work and study as well. So you can earn while studying.

Australian Student visa allows you to study full time and work part time for 20hrs a week, which is sufficient for your living expenses. Part time work in Australia is really well paid and you can earn enough to pay your bills. To work, you must have a tax file number, superannuation details (sometimes) and a bank account for the processing of your pay. There are student loans available, which you can take advantage of, for paying tution fees.

If you are looking forward to earn while studying, then talk to people who are already doing it. Talk to them about how you can work and manage studies as well. Make sure, you don't hamper your studies by working full time.

First 6 months are tough as you struggle with different study pattern so I would suggest, not to work for first semester. Once you know how things work, you can start applying for jobs. Doing odd jobs is not wrong but getting stuck into them is. Start applying for internship programme, work as a dental assistant or any other job related to clinical field. It will give you more exposure and that work experience will be helpful for you, after you are done with masters to get a good job in your own field.

How to apply?

You need to clear IELTS exam and to get into good universities, you need 7.5/8 band and trust me, it is not difficult to achieve that. If you find it gruelling, then there are some apps available on App Store which will really help you out to prepare for exam. You can solve papers when you are free at home. They will give you a clear idea of how the exam pattern is. You can refer some books and online stuff too, rather than joining coaching classes. 

 

Things you need to take care of before going.

 

1. Bank and credit/debit cards: National Australian bank (NAB) has a branch in Mumbai and all you have to do is call them and email them the required documents and your account will be ready. (Yes, all can be done by sitting at home) when you reach there, you have to go to the branch given to you, with your documents and you will be given your debit card, the same day.

2. Handling documents: Take atleast 3-4 copies of your original documents and carry them whenever is needed rather than carrying the original ones to avoid any unfortunate events of theft or loss. Email yourself a copy of each document too.

 

3. Get all necessary health check ups and vaccinations and pay for your health insurance too, for the period of your stay.

 

4. Make sure all your flights, courses, housing and itinerary are established and secured before leaving.

 

5. If you don't want to stay in the university rooms which are way expensive, you can always search for rooms or talk to the students who are already studying there and arrange your Accomodation which is cheap and comfortable.

Be prepared completely before going. Don't leave anything for the last moment or please, don't ignore stuff and think that you will somehow manage after going there because it's tough as you are in a completely different country and are not familiar with people

Source : DentistFriend

How To Grow Your Dental Practice With Blogging?

 

How To Grow Your Dental Practice With Blogging?

In this technology driven world people prefer to get more information about the product or service before availing them. In fact many of you also do a research about specifications of dental gadgets before buying them or simply try to get more information about mentors or course highlights before joining any dental workshop. You look for resources from where you can find the information, either you try to read an article or watch the video and depending on what you read or saw you make a decision. Friends, just like us, the patients also do their research; they look for information before opting dental treatments.

Visit the DentistFriend.com dental portal in india to know, all dental courses, to write blogs and participate in discussion forums.

 

Now think what can happen if you become that source of information, the chances are that you will be the dentist of choice for all those people checking out the stuff you shared.

Let’s understand how you can become a source of information?

 

Friends, it’s very easy, you just have to understand what your prospective patients must be looking for

Once you figure that out, you can provide them information in multiple ways for example a video, audio, blog or info graphics however blogging remains the easiest.

What is a blog or blogging?

A blog is simply a platform where you can write and publish your articles that can also have images in it. There are several blogging platforms like wordpress.com or blogspot .com that you can use and most of them are free of cost but I recommend blogspot.com as it is a Google owned entity and has better search results on the search engine.

How to create a blogger account?

All you have to do is visit www.blogspot.com and sign up to create a profile that’s it. Once you are done, you can choose a layout and start publishing your posts.

 

Want to know more about How to write blogs for your dental practice? Read On...

Source : DentistFriend

Being Dentist: Love It, Live It, Worth It!

 

Being Dentist: Love It, Live It, Worth It!

They say dentistry is saturated and you won't find the scope even if you see through a microscope. The most common advice these days is ‘Don’t spoil future of your kids by getting them into BDS Course. I wonder why, so much of negativity all around? Is the scenario really very bad these days? Is the truth really very demoralizing? Answer is ‘NO’ A BIG “NO”, rather I would say that we need to change the perception towards our profession..

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Let’s do a quick comparison of hourly income of an average Indian dentist with other professionals.

A well placed corporate guy with an experience of 3-5 years, works at least 8 hours daily under hell lot of stress & has an average hourly income of Rs. 500. A general physician has hourly income of around Rs. 2000; provided the consultation fee is Rs. 500 & he gets to see 4-5 patients every hour. 

Whereas when it comes to a dentist, the hourly income varies based on skills, Location of practice & with every treatment but it is far better. 

In short sky is the limit!! When the hourly income is so high, where's the problem?

Source : DentistFriend

What After BDS: Clearing The Confusing Clouds

 

What After BDS: Clearing The Confusing Clouds

After my last post on What After BDS? I have been getting lot of emails from young minds to help for guidance for abroad studies. I have been in that stage where you do not know what do to and need some expert advice. 

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Here are few things you need to think about when you plan your future

Subject:
If you have just cleared your final year or internship, you may not have a clear idea about which subject to choose. I would suggest get in to general practice for a year. Do all kinds of dentistry. In this one year time, you will develop a liking for a subject which you would like to pursue masters in. This one year will also add to your resume about what kind of clinical experience. Most colleges (outside India) do not entertain freshers for masters program. They need at least 1-2 years of clinical experience for application. This is applicable for clinical and management programs.

Future Plan:
Plan to settle abroad or come back? - Most countries do not recognise our Indian BDS. They do consider you for Masters/BDS but you cannot practice in their country without passing the licence exam. Clearing the license exam involves studying, time and money. So if you are sure you want to settle in that particular country you can start preparing for the license from day 1 or just study and come back.

 

Finances:
Another important aspect. Arranging finances can be difficult for few people. Full time courses are very expensive. You can look out for part time courses which are less expensive. If you plan to settle in that country, you have to be prepared for all kinds of expenses and probably some familial help to get you settled. You can always apply for loans and get started with.

 

Visa: 
Most major countries do give a student visa. It also depends on the country and course. I am wondering the state of USA visa if Trumph wins!! It’s not that easy to crack in the UK visa for work permit because you need to get an employment letter after the degree which may not be easy for everyone.

Young minds- are very enthusiastic. I know this because I was one. You should talk to lot of people who are in different countries. People who have settled from India to abroad in recent times. Their struggle stories are real eye openers. It may be easy for a few but majorly people take about 3-5 years to settle down. This should make you think about the time and money invested in all this. Are you ready for this kind of commitment and dedication? I am not writing this to demoralise you guys. But you should know the non glamorous side also before putting your foot in it. Do not just blindly follow someone coz its looks so pretty!

Hope these points will help you guys think on the right track and take proper decisions for future life. Stay tuned in for more action….

 

Read Part I : What After BDS: Earn And Learn! WHY GO ABROAD?

Source : DentistFriend

How To Make Your Clinic A Patient Magnet?

 

How To Make Your Clinic A Patient Magnet?

Our clinics are supposed to be healing spaces rather than fear creating spaces. Patients are more scared to walk in a dental clinic than walk in a general hospital. Are we not ready yet to break that stereotype of being painful clinics??

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What’s in name??

 

Who does not like luxury? Add that extra x factor to your clinic. Have a nice innovative name. Now a days “spa” and “boutiques” are trending. Small addition may add that “chic” factor to your practice. Of course when you write spa…you need to do justice to the name. Have that kind of ambience that will confuse the patient if he in for a real spa!!

 

So what things incite fear in a patient and make our dental clinics an unpopular place to visit?

1. 1. Pain, of course.

2. 2. Hearing somebody cry or yell due to pain.

3. 3. The typical hospital smell.

 

Painless dentistry- is not difficult to practice. Conscious sedation, oral sedation, magic wands for local anaesthesia….there are countless ways to do it!

 

 

Sound proofing??

 

Your dentistry may be painless for the mouth but you have to make it painless for the ear too! Some patients do complain of the hand piece noise that makes them irritable than any dental procedure. I have had to put on some earphones for few patients to calm them down and prevent them from hearing the hand piece noise. So what can we do??

 

1. 1. Sound reduction hand pieces are available. They may be expensive but if you have clientele that demands such kind...why not??

2. 2. Sound reduction headphones...they absolutely cut off any outside noise.

3. 3. Scaring other patients?- You may use sound proof door and windows to prevent any chair side noise that may scare the patients in the waiting room

4. 4. Increased insulation of walls and doors to absorb sound.

5. 5. Planning a waiting area away from treatment room.

 

 

I smell fear!!!!!!

 

Leave alone patients, until I became a dentist, I would also relate going to a hospital with smell of spirit and I would feel nauseated. Most patients relate lot of situations with the smell. Many "people have a fight-or-flight reaction" to the sights, sounds, and smells of a dental office. This is the beginning of the fear development. To break that negative thought, air fresheners can be used. They not only create a pleasant environment but also reduce patient’s anxiety by calming the nerves. You can have orange, rose and lavender flavours which have shown to improve the patients mood and reduce anxiety levels (Trying to create a spa! Remember!)

 

 

What more??

 

Show an Waiting area-you can have some soothing photographs and music to relax the atmosphere rather than patient and procedure photographs.intra oral view of teeth to a normal regular non dental person. Most feel disgusted. I was once removed from my own family group for posting an intra oral picture of great work I did. But your patients don’t care about your good work in bold fully blown up pictures. So save them for consultation.

You can add in trendy magazines and board games for fun and this will be a distraction and help them pass time in the waiting. Fresh flowers or plants also help relax patients. Having plants or greenery around reduces pain perception. If you are an aquarium person, make sure your aquarium has clean water and no dead fish!

Temperature of the clinics- the patient should neither feel too cold nor too hot. The temperature should be well adjusted for them to feel at “home feeling”

Declutter your reception of unwanted stuff. There are so many things like pamphlets . These will help your area look neat and clean giving an impression of a well maintained hospital. There are many more simple ideas that can help you to make your clinic a patient magnet, for more of such innovative yet simple ideas stay tuned for part 2…………….Coming soon

 

 

More Blogs From This Author:

      What After BDS: Earn And Learn! WHY GO ABROAD?

      What After BDS: Clearing The Confusing Clouds

Source : DentistFriend