Staying abreast with the latest tax reforms is a tough call for employers and employees.
HR departments dealing with payroll compliance need to be aware of the latest developments in state policies and laws to address employee queries.
We have made it easier for you to keep up with the ever-changing regulatory environment and remain compliant. Read through what amendments Maharashtra Government has recently announced.
The Maharashtra tax department has amended rules in the existing Maharashtra State Tax on Professions, Trades Callings, And Employments Act 1975.
For an organization filing the ITR for the first time, below are the major changes that are going to have a direct impact on the payroll, and tax payment:
- Now, the person enrolled is liable to pay the tax (revised) on or before 31st March of the year in which the rates are revised.
- If a person is liable to enrol himself for the certificate of enrolment fails to do so in the given period, he has to pay interest @1.25% / month from 1st July of the year till the payment date of such tax along with the amount payable.
- Provided further that, a dealer whose tax liability, in any year commencing on or after the 1st April 2019 does not exceed rupees twenty-five thousand shall not be liable to file such audit report.
- When an employer liable to register fails to apply for such certificate in the required time, the authority can impose a penalty of five rupees for each day the registration is delayed by.
The Professional Taxpayers in Maharashtra need not to be concerned about the alterations; the ITR can be submitted under 7 minutes with HROne! Any amendments announced are proactively synchronized with the Payroll module of the software.
Stay tuned to the key updates, keep coming back to learn the latest reforms state-wise and more!