Professional Tax :
Punjab
As per Punjab State Development Tax Act, 2018, employers are required to deduct the mandatory professional tax based on the annual income. Income up to Rs.2,50,000 per annum is fully exempt and for those who earn over Rs.2,50,000 a flat deduction of Rs. 200.00 per month is given. These payroll liabilities should be methodically extracted and deposited by the last day of each month. Submission of final annual returns through the portal should be done strictly on or before 13th April for clean corporate compliance to avoid a late fee of ₹50 per day and a penalty of 2% per month.
Act Information
Act:Punjab State Development Tax Act, 2018
Rule:Punjab State Development Tax Rules, 2018
Applicability:It is applicable on All such persons who are assessable under the Head Income from Salaries and/ or Wages as per the Income Tax Act, 1961 and All such persons who are assessable under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961.
Professional Tax Slabs
S.No.:1.
Category:Having income more than 250000
Frequency:Monthly
Professional Tax Paid:200
Employment Categories
Category:Having income more than 250000 per year
Applicability Date:By last of every month
Return Date:By 13 April (Annually)
Penalty:On delayed registration will lead to Rs. 50 per day, on late filing return fine of Rs. 50 per day and Late payment or non payment 2% interest and penalty of 50%.