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Labour Laws Karnataka Ministry of Labour and Employment Karnataka Tax on Profession, Trades, Callings and Employments Act, 1976

Issuance of Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023

13-Mar-2023 | Part-IVA, No. 113

The Karnataka Government has issued Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023, effective from 01st April, 2023.
By virtue of the amendment, the following are the key highlights of the amendment: -
1. The following words has been defined: -
i. Agent mean any person who acts on behalf of another person in course of business.
ii. Assessment mean determination of tax liability and includes self assessment, reassessment and best judgement assessment.
2. In case where assesses is found to escape tax liability, he shall be liable to pay in addition to the tax assessed for the year, penalty amounting to 100 percent of the tax so assessed.
3. If default is committed in the payment of tax deducted beyond ten days after the period, the person shall be liable to pay one and a half percent of the amount of tax due for each month or part thereof for a period for which the tax remains unpaid.
3. The penalty for non payment of tax has been made strict and authority can impose penalty of ten percent of the tax assessed for that year.
4. The schedule which specifies rates of tax on professions, trades, callings and employments has been substituted.
For further details refer the attachment.

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