Professional tax Return | All companies need to pay challan monthly of deducted professional tax and file Quarterly/Monthly returns. |
Types of Professional Tax | There are two types of return filling 1. PT return for the employer that is the company itself which is annually and known as PPT 2. PT return for employees that is EPT and it is to be filled Quarterly |
Process of filling Return (Madhya Pradesh) | • Download PT Form 7 version 1.1 • Filling details of no. employees and their PT deducted as per their slab of annual salary • Challan details to be filled • Amount of PT deducted and deposited should reconcile • Validate sheet and save • Through ID and Password login to PT portal(MP commercial tax) • Upload the form • Download acknowledgment and form 7, working sheet and challan copy these need to be submitted to the department. |
Slab of PT deduction for MP | As per annexure attached Click Here |
Compliance | Return filling is mandatory for those who have taken PT registration |
Payment of Tax and due date of return filling | Within 10 days of the month of deduction Every employer registered under the Act shall furnish return in Form 7 for each quarter on or before the fifteenth day of the month following the quarter to which such returns relates |
PERSON IN EMPLOYMENT WHOSE ANNUAL SALARY OR WAGES -
ANNUAL SALARY AND WAGES | PT TAX |
---|---|
DOES NOT EXCEED RUPEES 2,25,000 (BELOW RS 18,750 P.M) | NIL |
EXCEED RUPEES 2,25,000 BUT DOES NOT EXCEED RUPEES 3,00,000 ( RS 18,750 – RS 25000 P.M) | RUPEES 1500 (RUPEES 125 PAR MONTH |
EXCCED RUPEES 3,00,000 BUT DOES NOT EXCEED RUPEES 4,00,000 (RS 25,0000 – RS 33,333 P.M) | RUPEES 2000 (RUPEES 166 PAR MONTH FOR ELEVEN MONTH AND RUPEES 174 FOR TWELTH MONTH |
EXCEED RUPEES 4,00,000 ( ABOVE RS 33333 P.M) | RUPEES 2500 (RUPEES 208 PAR MONTH FOR ELEVEN MONTH AND RUPEES 212 FOR TWELTH MONTH |
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