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Professional tax karnataka

Devaraj.S (B.Com) (72 Points)

21 March 2016

i need to know how much interest will have to pay for one day delay for Epayment of Professional tax payment in Karnataka

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CA PRATIK DHRUVE (CHARTERED ACCOUNTANT) (634 Points)
Replied 21 March 2016

Simple interest at the rate of 1.25% per month for every month or even for part of a month.

So, you will have to calculate interest for full month @ 1.25% even if delay is for one day.

Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 21 March 2016

There is no concept of Day bcoz even if u have delay by one day then u have to Pay interest For Full One Month.

Punith (Article assistant) (107 Points)
Replied 22 March 2016

I would like to add on with Amit .. it is not one month. If you delay payment of tax by one day also it is deemed that you have defaulted for 2 months i.e when i dont pay for JAN on 20th if i pay on 23feb it is deemed that i have not paid for JAN and interest for Jan and Feb also attracts . so calculate for 2months interest.

Correct me if I'm wrong please

Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 22 March 2016

yes Punith u r correct.

sorry my mistake

Calendar month is considered in calculating interest therefore if you delay payment by one day, you have to pay interest for two months. For example, if TDS is deducted in month of July and deposited on 8th of August then you have to pay interest for 2 month i.e. July and August. Total interest payable shall be 3%.

Hope this example will make all clear.

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Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 22 March 2016

Thanks Punith Sir.................

Punith (Article assistant) (107 Points)
Replied 22 March 2016

Anytime Amit...

Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 22 March 2016

hahhahahah

Devaraj.S (B.Com) (72 Points)
Replied 22 March 2016

But i already paid Rs: 200/- as interest for Professional tax Amount Rs: 10400/-

Devaraj.S (B.Com) (72 Points)
Replied 22 March 2016

But last date was a Sunday the is there any exemption

Amit Kanunga (Article Assistant and Post Gradute) (644 Points)
Replied 22 March 2016

can u tell me actually date of payment n actual delayed ?

Punith (Article assistant) (107 Points)
Replied 22 March 2016

Hi Devraj,

As per the act it says that id the due date falls on any holiday like Sunday , festive holiday . the last date would be previous day of the leave i.e in your case Sunday was last day that means it is deemed that last day would Saturday.

And if it is sudden holiday like band due date would be next day.

hope it is clear if any more doubts feel free to ask