(1)The profession tax shall subject to such rules as may be prescribed be levied every half year in every village panchayat area on -(i)every company which transacts business in such panchayat area for not less than sixty days in the aggregate in that half year; and(ii)every person who, in that half year -(a)exercise a profession, art or calling, or transacts business or holds any appointment, public or private -(i)within such panchayat area for not less than sixty days in the aggregate, or(ii)outside in such panchayat area but who resides in it for not less than sixty days in the aggregate, or(b)resides in such panchayat area for not less than sixty days in the aggregate and is in receipt of any income from investments.
