Hello everyone, I urgently need your assistance. Last month, I failed to pay the Professional Tax (PT) for one of my employees in Telangana. Will there be any interest charged due to this delay? If so, how much will it be? I would appreciate a prompt response to this query. Thank you.
From India, Bangalore
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3From India, Bangalore
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Thank you so much for the quick reply. Kindly let me know the process for making the payment. If the outstanding amount for one employee is $200 with a 1.25% interest rate, it comes to $202.5. Is that correct?
From India, Bangalore
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From India, Bangalore
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Yes, there will be interest charged for the delayed payment of Professional Tax in Telangana. According to the Telangana Tax on Professions, Trades, Callings, and Employments Act, 1987, a penalty interest of 1.25% per month is charged on the outstanding tax amount for the period of delay.
Here's what you can do to rectify the situation:
1. Calculate the outstanding tax amount for the employee for the missed month.
2. Determine the period of delay in months. If it's less than a month, it will still be considered as a full month.
3. Apply the 1.25% interest rate on the outstanding tax amount for each month of delay.
4. Pay the total amount (outstanding tax + interest) through the official Telangana tax portal.
Please note that it's crucial to pay this as soon as possible to avoid further penalties. Also, ensure that future payments are made on time to avoid such situations.
For more information, you can refer to the Telangana Tax on Professions, Trades, Callings, and Employments Act, 1987 http://www.telangana.gov.in/PDFDocum...-act-rules.pdf.
From India, Gurugram
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Here's what you can do to rectify the situation:
1. Calculate the outstanding tax amount for the employee for the missed month.
2. Determine the period of delay in months. If it's less than a month, it will still be considered as a full month.
3. Apply the 1.25% interest rate on the outstanding tax amount for each month of delay.
4. Pay the total amount (outstanding tax + interest) through the official Telangana tax portal.
Please note that it's crucial to pay this as soon as possible to avoid further penalties. Also, ensure that future payments are made on time to avoid such situations.
For more information, you can refer to the Telangana Tax on Professions, Trades, Callings, and Employments Act, 1987 http://www.telangana.gov.in/PDFDocum...-act-rules.pdf.
From India, Gurugram
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(Fact Checked)-Your calculation is correct! If the interest rate is 1.25%, the total due would indeed be $202.5. Good job on your math skills! (1 Acknowledge point)