In this post, we will discuss the latest update of Karnataka Professional Tax 2023-24.
On 24th Feb 2023, The Karnataka Government notified the bill of Karnataka Tax on Profession, Trade, Callings and Employment (Amendment) Act, 2023 to Karnataka Tax on Profession, Trade, Callings and Employment Act 35 of 1976.
According to the notified schedule of Karnataka Professional Tax limit to deduct is increased from Rs.15,000 to 25,000.
For the salaried employee or wage earner, whose earning is between Rs.15,000 to 24,999, then there will be no deduction and they will earn extra Rs.2,400 Per annum from the date of 1st April 2023. Earlier, the threshold of professional tax in Karnataka was 15,000.
This amendment of PT will be beneficial for all class businesses, such as small businesses that can save compliance costs, file returns and no need to deduct PT of the employees if they are earning below Rs.24,999.
The Karnataka Professional Tax Rate 2023-24 for salary and wages earner.
|Monthly Salary/Wages||Amount payable in Karnataka PM|
|Less than Rs.24999||Nil|
|Rs.25000 and above||Rs.200 per month|
To know more about Karnataka Professional Tax, click here.