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Karnataka Tax On Profession, Trades, Callings And Employments (Amendment) Act, 2023 

By - King Stubb & Kasiva on April 17, 2023

Rates of taxes on professions, trades, callings, and employment mentioned in the schedule of the Act have been amended and new definitions for the terms agent and assessment have been added. Further, the penalty on assessment of escaped tax is now fixed at 100% of the escaped tax, from the earlier penalty of one and a half times or 150% while there has been a change in the interest provision on delayed tax payment whereby the applicable tax rate has gone up to 2% from the earlier provision of 1.5%.

Further still, the provisions for the delayed payment of taxes deducted against salary have been reduced from 1.5% to 1.25% and the penalty for non-payment has been fixed at 10% from the earlier provision providing for the discretionary ability of the authority to charge up to 50%. The notification will be effective from April 1, 2023. 

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