Punjab State Professional Development Tax 2018
1. Registration started on portal PSDT official website2. Every Employer having employees with Net taxable income above 2.5 Lakh liable to deduct n deposit the tax on behalf of employees.
3. Every Businessman or Professional having own Net taxable income above 2.50 Lacs liable to deposit tax.
4. Tax is 200 per month w.e.f April 2018. However since Act became applicable from 19th April, So the tax is only Rs. 80 for the month of April 2018 and 200 Per month thereafter.
5. No tax for senior citizens or person having income only under heads other sources, capital gains, house property or Agriculture.
6. Tax for any particular financial year shall be payable under this Act only by those persons whose taxable income for the same financial year, before allowing deduction on account of tax levied under this Act, exceeds the maximum amount which is not chargeable to Income Tax by the amount of tax payable by him under this Act for that year.
7. Tax payable under this Act by any person earning a salary or wage, shall be deducted by his employer from the salary or wages payable to such person, before such salary or wages is paid to him, and such employer shall, irrespective of whether such deduction has been made or not, when the salary or wage is paid to such a person, be liable to pay tax on behalf of all such persons.
8. Where any person earning a salary or wage is simultaneously engaged in the employment of
more than one employer and such person furnishes to his employer or employers a declaration Form PSDT- 5 to the effect that he has obtained a certificate of enrolment under this act and that he shall
pay the tax himself, no deduction or payment of tax shall be made by the employer or employers under this section and such employer or employers, as the case may be, shall not be liable to pay the tax on behalf of such person. OR Employee may choose any one employer for the purpose of payment of tax under the Act and furnish this information to other employers and the designated officer in Form PSDT-5.
9. Every return shall be accompanied by a proof of payment of the full amount of tax due according to the return. A return without such proof of payment shall not be deemed to have been duly filed.
10. An application for registration to be made in form PSDT 1 by Employers and PSDT 2 by Businessman or Professionals
11. Where an employer or person has more than one place of work within the State of Punjab, he shall make a single application in respect of all such places, declaring therein one of such places as the principal place of work and others as additional places of work.
12. Temporary registration number are getting issued immediately electronically after filing a complete application
13. Permanent registration number Form PSDT-3 is a certificate of registration for Employers AND Certificate of enrolment Form PSDT-4 is for Businessman or Professionals. Penalty for failure to register can be imposed at Rs. 50/- per day.
14. Every employer registered under the Act shall furnish an annual return in Form PSDT-6
for the financial year on or before the thirtieth day of April of the following financial year. Every
enrolled person Businessman or Professional
shall furnish an annual return in Form PSDT-7 to the designated officer. The penalty for failure to file returns can be imposed at Rs. 50/- per day.
15. Every employer responsible for deduction of the due amount of tax from the salary
or wages of the employees shall deduct every quarter from the salaries or wages payable to the employees.
16. Every employer responsible to deduct and pay tax shall maintain a register in which the amount of salary and wages paid to each of the employees in his employment and the amount deducted from the salary and wages of the employee on account of tax, shall be entered.
17. Every payment of tax shall be made by challan in Form PSDT-8 under the head 028-Other Taxes on Income and Expenditure B-Taxes on Professions, Trade, Callings, and Employments. The challan shall be in quadruplicate. Late deduction, Late Payment will attract simple interest @2% for every month or part of the month.
18. If the holder of the certificate of registration or enrolment, as the case may be, in one area, shifts his place of work to another area, he shall within fifteen days of such shifting, give notice thereof to
the designated officer by whom the certificate was issued and shall, at the same time, send a copy of such notice to the designated officer exercising jurisdiction over the area to which the place of work is being or has been shifted.
19. The employer or the person holding a certificate of registration or enrolment, as the case may be, shall display conspicuously at his place of work, the certificate of registration or enrolment,
as the case may be, or a copy thereof.
20. In the event of cessation of liability to pay tax because of the closure of business or for any
other reason, the employer or the person holding the certificate of registration or enrolment, as the case may be, shall send an intimation in writing to that effect to the designated officer within thirty days of the cessation of liability to pay tax.
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