Tribune News Service
Faridkot, April 27
A month after the Punjab Government proposed a development tax of Rs 200 per month on income tax payees in the state, the Punjab State Development Tax Act, 2018, has been notified by the state government. After the Act received the assent of the Governor on April 16, the state government on Friday circulated a softcopy of this Act at the district level.
With 24 Sections, detailing its rules and regulations, the Act is to provide the levy and collection of a tax on professions, trades, callings and employments for the benefit of the state, reads its opening paragraph.
This Act shall come into force on and with effect from the date of its publication in the official Gazette.
The rules under this act shall be with retrospective effect only if the same are required to be made in public interest, reads the Act. This Act is expected to generate a revenue of Rs 150-200 crore.
All such persons who are assessable under the head income from salaries or wages and business or profession as per the Income Tax Act have to pay Rs 200 per month under this Act.
Senior citizen shall be exempted from this Act as per the Income Tax Act. Any person who earns wages on a casual basis and an agriculturist or a member of his family, who sells within the state of Punjab the auricular produce grown on any land in the state Punjab in which he has an interest, whether as owner, mortgagee, tenant or otherwise, shall be exempted from this tax, reads Section 2(j)(v) of the Act.
Tax will be paid every month. This tax amount shall be deducted by the employer from the salary of the employee. Government may alter the tax rate any time.
If a registered employer fails without reasonable cause to make payment of any amount of tax within the required time, a penalty equal to fifty percent of the amount of tax due or Rs 50 for each day of delay will be imposed upon him.
If an employer fail to deduct the tax at the time of payment of salary or wage, he will be liable to pay interest at the rate of two percent of the tax amount in addition to the amount of tax.
All arrears of tax, penalty and interest due under this Act shall be recoverable as arrear of land revenue.
No court shall entrain any suit or other proceedings to set aside or modify or question the validity of any assessment, order or decision made or passed by any officer or authority under this act, reads the Act.
Besides The Punjab State Development Tax Act, the state government today sent the softcopy of The Punjab Social Security Act, 2018. This Act has been accorded assent by Governor on April 16 and it was notified on April 18. This Act is to provide for the establishment of Punjab Social Security Fund with a view to provide for social service to the eligible beneficiaries in the form of pension to senior citizens, widows, destitute women, physically challenged persons, health and accident insurance, scholarship for education of children belonging to deprived sections and other financial assistance to poor and needy, as may be considered necessary, reads the opening paragraph of this Act.
This Act will be levied as surcharge on taxes collected under Punjab Value Added Tax Act, Punjab Motor Vehicle Taxation Act, Punjab Electricity Act and Punjab Act on Lotteries.
Don't MissView All
Video footage from local news channels show fans streaming o...
Deepak Tinu is a close aide of jailed gangster Lawrence Bish...
Car occupants were on their way to Karewath from Theog when ...
Congress leaders pay homage to the Father of the Nation on h...
Crushing season to begin in Nov | Private mills oppose move,...