Tuesday, April 2, 2024

Professional Tax Return Filing for FY 2023-24: A Comprehensive Guide

In Maharashtra, it is imperative for every employer to adhere to the regulations concerning the deduction of Professional Tax (PT) from the salaries of their employees. This must be executed monthly based on specific slab rates and subsequently deposited with the Professional Tax department of the State of Maharashtra by the 20th of each month.

Deduction Slabs for Professional Tax:

The amount of Professional Tax to be deducted by the employer is determined as follows:

  1. For salaries up to Rs. 7,500 per month: No Tax.
  2. For Male Employees with salaries more than Rs. 7,500 but less than Rs. 10,000 per month: Rs. 175 per month.
  3. For Female Employees with salaries up to Rs. 25,000 per month: No Tax.
  4. For Employees (regardless of gender) earning more than Rs. 10,000 per month: Rs. 2,500 Per Annum (Rs. 300 for the month of February and Rs. 200 for other months).

Filing and Payment Procedures:

Filing for Professional Tax returns in Maharashtra is a process conducted online. The required PT challan (MTR-6) must be paid online, and returns are filed through Form IIIB online.

Professional Tax Return Due Dates:

The due dates for the Professional Tax return filing are outlined below:

  1. Monthly return: Due by the end of the month.
  2. Annual Return: Due by 31st March.
  3. Newly registered: Due by the end of the month of registration.

Due Date for Payment of PTEC:

  • For persons enrolled on or before 31st May: Tax must be paid before 30th June.
  • For persons enrolled after 31st May: Tax must be paid within one month from the date of enrollment.

Examples for Return Due Dates:

  1. For April 2023: The due date is 30.04.2023.
  2. For the Annual Return FY 2023-24: The due date is 31.03.2024.
  3. For newly registered in June 2023: The due date is 30.06.2023.

Professional Tax Return Filing Utility:

The utility for filing Professional Tax returns can be found at www.mahagst.gov.in. This Excel-based utility must be downloaded, filled with the necessary details, and uploaded to the site. The utility includes:

  • Name of Tax Payer
  • Professional Tax registration number
  • Return Filing Periodicity
  • Details of the authorized person
  • Calculation of Professional Tax liability
  • Challan details of taxes paid

Changing Professional Tax Return Filing Periodicity:

To change the filing periodicity for FY 2022-23 as per Trade Circular No. 37T 2018, registered persons should email changeptoeriodicity1819@gmail.com from an official email ID, requesting the change before 31st December 2018. Note that newly registered persons must file monthly and cannot change their periodicity within the first year.

Late Fees and Interest Under PTRC Maharashtra:

  • Late filing of PTRC return incurs a late fee of Rs. 1000.
  • Failure to deduct Professional Tax will result in interest charged at 1.25% of the PTRC liability per month until the default continues.

This guide aims to provide a clear overview of the requirements and procedures for the filing and payment of Professional Tax in Maharashtra, ensuring compliance and avoidance of penalties.