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This article guides employers in Karnataka, outlining the requirements for filing the annual professional tax return in Form 5 and the consequences of non-compliance. The learning objective is to ensure that employers in Karnataka understand the rules and deadlines for filing the annual professional tax return and to provide guidance on the steps to remain compliant with the Karnataka Professional Tax regulations.
As per the Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976, all registered employers who have obtained the PTRC are required to submit an online annual return using Form 5, which is available at https://pt.kar.nic.in/. This return must be filed within 60 days after the end of the financial year. For instance, if the financial year is 2023-24, the deadline to file the PTRC Form 5 would be May 30, 2024. Please note that this deadline is not flexible, and failure to meet it may attract penalties. The return should include the details of salaries and wages paid by the employer as well as the amount of tax deducted by them in respect of the preceding year.
Filing your annual professional tax return in Karnataka is a significant responsibility. By understanding the requirements, preparing Form 5, calculating your tax liability correctly, and submitting your return and payment on time, you can ensure compliance and contribute responsibly to the state's revenue. Remember, staying informed and prepared is the key to seamless tax management. For more detailed guidance or assistance, it's always advisable to consult with a professional tax advisor.