Every employer registered under the Profession Tax Act is required to furnish an annual return in Form 5 within 60 days of the expiry of a year. Further, the employer shall pay the full amount of tax payable on the basis of such return as reduced by any tax already paid along with monthly statement in Form 5A.
FAQs
What are the rules for profession tax in Karnataka? ›
As per the Karnataka Tax on Professions, Trades, Calling and Employment Act 1976, all individuals with a monthly gross income of Rs 25,000 or above are liable to pay professional tax in Karnataka, and working professionals are also liable to pay professional tax in Karnataka.
What is Form 5A in professional tax Karnataka? ›Every employer registered under the Profession Tax Act is required to furnish a statement in Form 5A every month showing the salary and wages paid to employees and the amount of tax deducted.
How to file professional tax annual return in Karnataka? ›As per the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976, all registered employers who have obtained the PTRC are required to submit an online annual return using Form 5, which is available at https://pt.kar.nic.in/.
What is the annual payment of PT in Karnataka? ›Professional Tax on Company, LLP, GST Registered Taxpayers, etc.
| S.No | Category of Taxpayer | Prof Tax (Annual) |
|---|---|---|
| 2. | GST Registered Taxpayers | ₹ 2500 |
| 3. | Employers of establishments defined under the Karnataka Shops and Commercial Establishments Act, 1961, employing more than five employees. | ₹ 2500 |
| 4. | Other professionals | See Schedule |
Jan 31, 2024
The Government of Karnataka has exempted certain class of person from payment of tax under The Karnataka Tax On Professions, Trades, Callings And Employments Act, 1976. Persons running educational institutions in respect of their branches teaching classes up to twelfth standard or pre-university education.
What is the professional tax amendment in Karnataka? ›The “Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023” is a significant update to the 1976 Act. This amendment introduces a new and more concise schedule that details the tax structure corresponding to different professions, trades, callings, and employments.
Is Form 5A mandatory? ›Employers of establishments subject to the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 ("the Act") must file Form 5A, which is a component of the Employees' Provident Fund Scheme,1952.
What is the purpose of Form 5A? ›FORM 5A contains details of ownership and branches of establishment, if any and other vital details like Bank A/C number, Mobile Number, Email Id etc. Form 5A Return should be updated as and when there is a change in ownership, name of the establishment, Address, Bank Account, Mobile Number, E-mail, etc.
What is meant by Form 5A? ›The EPF Form 5A is the Ownership return submitted to the EPFO when a company registers itself under the EPF schemes for the first time. The company provides information about its owners, partners, and Directors. In Form 5A EPF, only the information about the company's owners is provided to the EPFO.
What is the penalty for late filing of professional tax return in Karnataka? ›Karnataka Professional Tax Late Payment Penalty:
In case there is a delay in payment of professional Tax, the state government of Karnataka will charge 1.25% per month for late payment. However, the maximum penalty the state will charge is 50% for late payment of the total unpaid professional tax amount.
What is the due date for filing PT return in Karnataka? ›
When Is the Due Date for Paying PT in Karnataka? All employers and businesses of Karnataka who have enrollment certificates must pay professional tax before 30th April each year according to the tax slab.
What is the due date for annual professional tax payment in Karnataka? ›Professional tax in Karnataka
All employers in Karnataka must pay their dues before the 30th of April every year. The state government can impose a fine of up to 50% of the total due amount in case of a delay in payment.
As per the Karnataka professional tax slab rates, all individuals with a monthly gross income less than Rs 15,000 are currently exempted from any charges. However, employees with a monthly gross salary above Rs 15,000 are levied a professional tax of Rs 200. The same has been increased to Rs 25,000 now.
What is the limit of PT deduction in Karnataka? ›15,000 and above were required to pay Rs. 200 per month as Professional Tax. With the new changes in place, employees drawing wages up to Rs. 24,999 are now exempt from paying Professional Tax in Karnataka.
What is the PT in terms of salary? ›What is Professional Tax? Professional tax is a direct tax that is deducted from your gross salary by your employer. This tax is levied by the state government and thus can vary depending on the state you live in. The maximum limit of which you can be charged is Rs 2500.
Is professional tax applicable on bonuses in Karnataka? ›Profession tax is a tax on revenue and not tax on salary alone. As such, if your employees are paid yearly bonus, that should also be considered for deciding the profession tax payable.
What is the due date for professional tax payment in Karnataka? ›Professional tax in Karnataka
All employers in Karnataka must pay their dues before the 30th of April every year. The state government can impose a fine of up to 50% of the total due amount in case of a delay in payment.
How to file professional tax nil return in Karnataka?
- Enter the details of your income and deductions. The computation of your income tax will reveal that there is no tax owed.
- Contact the Income Tax Department to submit your return. And to finish the e-filing procedure, send your ITR-V to CPC Bangalore.
Sep 6, 2022
Karnataka Entry Tax Rates
The rate of this particular tax is chargeable at 5% of the value of the goods in question. It should not exceed this amount unless mentioned otherwise or based on that particular location varying rate based on the panchayat or municipality.