Interest rate on professional tax

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Ashwin Prajapati

Ashwin Prajapati (Querist)

18 February 2013 What is Interest Rate (on Late Payment) on Professional tax.

kodiya mohammed asif

kodiya mohammed asif (Expert)

18 February 2013 Penalty for "late application" for enrolment/registration [Sec. 5(5)]

The prescribed authority may impose penalty of ` 5 for each day of delay in case of an employer for registration and of ` 2 for each day of delay in case of any person for enrolment, after giving a reasonable opportunity of hearing.

Penalty for giving "false information in any application" for enrolment/registration [Sec. 5(6)]

The authority may impose penalty equal to 3 times the tax payable under the Act, after giving hearing opportunity. (Up to 30.4.2002, penalty was restricted to ` 1,000/-).

Penalty for "late filling of returns" by Employer [Sec. 6(3)]

The authority may impose penalty of ` 300 per return.

Penalty for "Non-payment or late payment of tax." by Enrollee/Employer (Sec. 10)

The authority may impose a penalty equal to 10% of the tax due.

Interest on late payment of tax. (Sec. 9)

The interest for late payment of tax or any additional demand of tax raised in assessment is 1.25% p.m. with effect from 1-7-2004 (2% p.m. up to 30-6-2004.)

Interest on refund of excess payment of tax (Sec. 19A)

If any refund is due from any order in respect of period 1.4.2004 and onwards then interest on refund @ 6% p.a. is receivable by such person entitled to refund, for maximum 18 months.

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