Calculating interest + penalty for ptec professional tax -mh

Save Share

This query is : Open

Kedar Agarkar (Querist)
Follow

03 April 2016 Hi,

I need help in calculating Professional Tax interest + penalty. I am delayed in taking PTEC ID. Details are:

Started work on December 2013
Took PTEC ID this month, April 2016
ID certificate says: ". . .pay tax for un-enrolled period at Rs 5K immediately for Year 01-04-2013 to 31-03-2015 Rs 2500/- each year + Interest and penalty applicable as per law Rs. 2500/- on or before 17-Apr-16 for year 2015-206 (current year) and Rs. 2500/- per annum on or before 30-June of every year. . . ."

My queries:

As the Rs. 2500/- figure is singular indication given. . .

Q#1: Does above wording mean total 2500/- for whole two years together or for each of those two years?

Q#2: Is wording saying penalty ONLY to be 2500/- or figure represents penalty + INTEREST?

Q#3: If the figure 2500/- is for two years together, while paying, should I mark that in second year in whole? And how will be calculation for split up of Rs. 2500 among INTEREST and PENALTY?

Many thanks in anticipation

Kedar

Kedar Agarkar

Kedar Agarkar (Querist)
Follow

03 April 2016 I understand from reading that penalty is for delay in obtaining PTEC ID and that in Maharashtra, that is Rs. 2/- per day. If this is the case, can I calculate penalty amount from my start day to day on which ID was taken and then assuming rest part of Rs. 2500/- to be interest!?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now