What is the penalty for late payment of professional tax in Telangana?
Failure to make payment before the due date may cost you hefty penalty of 25% to 50% on the total outstanding tax amount.
What is the interest on late payment of PT in Telangana?
Consequences of Violation of Professional Tax Regulation
There is also 1.25% monthly interest for late payment, a 10% penalty on the tax amount for non-payment/delay of professional tax, and a penalty of Rs.1,000-2,000 for late return submission.
What is the due date for professional tax payment in Telangana?
The return shall be accompanied by a treasury challan/DD/Cheque/e-payment in proof of payment of the full amount of tax due on or before 10th day of month succeeding the month for which the return to be filed by through online or manually before the concerned assessing authority.
What is the penalty for late payment of professional tax in Maharashtra?
Maharashtra Professional Tax Late Payment Penalty
A penalty of 1.25% tax is payable for each month if an enrolled individual fails to pay this tax on time. On the other hand, employers must pay 2% interest per month on the total amount due if they fail or delay doing so.
What is the penalty for late payment of professional tax in Gujarat?
Gujarat Professional Tax Late Payment Penalty
As per the Profession Tax Act, if you fail to make payment within the specified time, you will be subject to a daily late payment fee and annual interest of 18% on the total amount owed.
How is late payment penalty calculated?
The Failure to Pay Penalty will not exceed 25% of the total unpaid tax amount. The Failure to Pay Penalty is calculated the following way: The Failure to Pay Penalty is 0.5% of the unpaid taxes for each month or part of a month the tax balance remains unpaid. The penalty won't exceed 25% of the taxpayer's unpaid taxes.
What is the late payment interest rate?
The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges and pays interest on are: late payment interest rate — 7.75% from 22 August 2023. repayment interest rate — 4.25% from 22 August 2023.
What are the documents required for professional tax registration in Telangana?
- Light Bill / Rent Agreement: Light Bill in case of owned shop or business premises, for any other case Rent Agreement is required.
- PAN Card of Individual.
- Adhar Card of Individual.
- 2 Passport size photos of proprietor.
- Signature on Blank Paper for record and verification.
How to download professional tax challan in Telangana?
- Tap on E-registration below New Dealer Sub Section. ...
- Tap on 'e-payment' and 'Select the Tax Type'.
- Enter the required information and hit on submit.
- Hit on 'Make Payment' and select the bank preference from the dropdown list and complete the payment process.
When was professional tax introduced in Telangana?
These rules may be called the Telangana Tax on Professions, Trades, Callings and Employment Rules, 1987. They shall come into force on the 15th day of June, 1987.
What are late tax penalties?
Penalty for filing taxes late and failing to pay
Let's dig into the details. Failure to file penalty: 5% of the balance due per month up to 25% Failure to pay penalty: 0.05% up to 25% of the unpaid taxes for each month (or part of a month) the tax balance remains unpaid.
What is the professional tax in Telangana?
As per the Telangana Professional Tax Act, 1987, earning individuals are required to pay this tax; it can be a maximum of Rs 2500 and a minimum of Rs 110 annually depending on their income. For instance, if you are earning more than Rs 20,000 per month, the professional tax payable per month is Rs 200.
What is the maximum late filing penalty?
The maximum total penalty for failure to file and pay is 47.5% (22.5% late filing and 25% late payment) of the tax. If your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $485 (for tax returns required to be filed in 2024) or 100% of the tax required to be shown on the return.
What is the PT limit in Gujarat?
What is the professional tax amount in Gujarat? The maximum annual professional tax liability is Rs 2500. On a monthly basis, individuals with a gross salary falling between Rs 13,500 are required to pay Rs 200.
How to apply for professional tax registration in Gujarat?
- An application must be made in Form 1 within 30 days of becoming liable to pay the professional tax.
- Once Form 1 is submitted an acknowledgment with the date and time for attending the registration authority is generated.
What is the 5 percent late penalty?
If you file your taxes late and owe money, the CRA charges you a penalty on the taxes owed. The first time you are late on your taxes, the CRA interest rate on your balance owing is 5%, plus an additional 1% percent for each month they're late—up to 12 months.
What is the 5 penalty for late payment?
| After payment is 30 days late | 5% of tax outstanding |
|---|---|
| 5 months after above charge (6 months late) | A further 5% of tax outstanding |
| 6 months after above charge (12 months late) | A further 5% of tax outstanding |
How do I avoid late payment penalty?
You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely.
What is PT certificate in Telangana?
This application form can be used by a citizen who wants to get a Protected Tenant Certificate. The certificate will be given to a person who is in possession not less than 6 years being a period wholly included in the Fasli years 1342 to 1352 (1932 to 1942) (both years inclusive)
How can I get a professional tax certificate in Telangana?
Professional Tax in Telangana can be obtained online on the State sales tax department website. Here is the procedure of the same: An application must be made in Form 1 within 30 days of becoming liable to pay the professional tax.
How many employees are required for PT registration in Telangana?
7500/- — NIL. There is no specific number of employees required to pay professional tax. The employer has to deduct professional tax from all his employees. It is so because every individual with an income is liable to pay the tax.
How can I check my Challan history in Telangana?
- Visit the Parivahan e-challan webpage.
- Enter your Challan number/vehicle number/ Driving license number.
- A list of your challans will be displayed. Click on the one for which you want to know the status.
How to pay a TS challan online?
- Open the Paytm app on your phone.
- Select 'Recharge & Pay Bills' from the menu.
- Then select 'Challan'.
- Choose 'Traffic Authority'.
- Enter the essential information, such as the vehicle number, challan number, or challan ID.
- To view the challan amount, click the 'Proceed' button.
What is the challan form?
Challan is a standard form prescribed for government payments as per rules of 7(a) and 8(b) of Chhattisgarh Treasury Code known as CGTC. This format is designed for collection of government payments viz. sales tax, excise duty, professional tax, land revenue etc.
Is PT applicable in Telangana?
Professional tax in Telangana varies for an individual based on their income and profession. It is applicable for salaried employees earning salary of more than ₹ 15,000.
