Professional Updates

Revised profession tax on salary/wage earners in the state of Maharashtra Maharashtra government vide  L.A. Bill No. XIII of 2023 Dated 20th March 2023 revised profession tax slab for salary and wage earners to give effect to the budget proposal. According to this notification there will  no profession tax on women employees earning salary & wages up to Rs. 25000/- per month . This amendment will be effective from April 01, 2023. Here is the revised Maharashtra Profession tax slab rate : Sr No Class of Persons Rate of Tax per month 1 A) Salary & wages earners whose monthly salaries or wages are (in case of male employees ) i) Up to Rs 7,500/- 0/- ii) between Rs. 7,500/- to 10,000/- Rs. 175/- iii) More than Rs.10,000/ Rs. 200/-for 11 months & Rs. 300/- for February [Annual Total Rs. 2500/-] 2 B) Salary & wages earners whose monthly salaries or wages are ( in case of female employees ) i) Up to Rs. 25,000/

Minimum wages in Gujarat from April 2023 Gujarat government revised minimum daily wages of workers which is to be applicable from 01st April 2023 vide notification No. KHR/2023/28/LVD/10/2022/18/M2 dated 27th March 2023. The notification also provide for industry wise classification of skilled , semi-skilled and unskilled labors.  (1) Minimum daily wages are bifurcated zone wise. There are two zones for the purpose. Zone I : Zone-I shall comprise the area in the State of Gujarat within the limits of the Municipal Corporation as constituted under the Gujarat Provincial Municipal Corporations Act, 1949 and the areas within the limits of the Municipality as constituted under the Gujarat Municipalities Act,1963 and the areas falling within the jurisdiction of concerned Urban Development Authority and Nagar Palika .  Zone II : All other remaining area. Revised minimum daily wages in the state of Gujarat effective from 01st April 2023: Sr No Classes of Employees Zone I

Last date for linking of PAN-Aadhaar extended In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately. Under the provisions of the Income-tax Act, 1961(the ‘Act’) every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2023, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the Act w.e.f. 1st April, 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to 30th June, 2023. From 1st July, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoper

Ensuring Women's Safety at Work: Understanding the Maharashtra Shops and Establishments Act The Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Rules, 2018 outlines the conditions for employing women workers in any establishment, regardless of the number of women workers employed: 1. No woman worker shall be discriminated in the matter of recruitment, training, transfers or promotion or wages. 2. No woman worker shall be required or allowed to work in any establishment except between the hours of 7 a.m. and 9-30 p.m without her consent and certain facilities and measures for her safety. 3. The employer must take measures to prevent sexual harassment at the workplace by strictly enforcing the provisions of the Sexual Harassment of Women at Work Place Act, 2013. 4. In case of sexual harassment by a third party, the employer must provide necessary support and take preventive action. 5. The establishment and its surroundings must have proper l

Know your member : ICAI KYC The ICAI has launched “Know Your Member (KYM)” Form which is to be filed annually through Self-Service Portal (SSP) of the ICAI. To gain detailed insight inti KYC ICAI also released 17 faqs, which are available on its official portal. Some of the important faqs are listed here: FAQ’s For ICAI Know Your Member (KYM) Q.1. What is ICAI Know your Member (KYM). Ans. Obtaining member’s information and related documents is one of the basic requirements for regulatory functions of ICAI. ICAI Know Your Member (KYM) is a newly developed Form in which member is required to provide certain information, on an annual basis, Online through Self Service Portal login. Q.2. Who is required to fill KYM form. Ans. All Active members are required to fill KYM Form annually. Q.3. Is it mandatory to fill KYM Form on annual basis. Ans. Yes, it is mandatory to fill KYM Form annually before making the annual membership fees. Q.4. What is the procedure to submit the KYM form. Ans. Logi

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023 Maharashtra Dy CM (Finance) Shri Devendra Fadnavis during his budget speech proposes Amnesty Scheme on various taxes levied by Sales Tax Department before introduction of GST Act.  To provide relief to the common citizen, the industry and business, he propose to introduce amnesty scheme. This Scheme is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act. Highlights of The Budget Speech dated 09th March, 2023 Maharashtra government proposes Amnesty Scheme on various taxes levied by GST Department before introduction of GST Act and duration of this Amnesty Scheme will be from May 1, 2023 to October 31, 2023 Complete waiver of the arrears in cases where arrears are Rs. 2,00,000/- or less per year. As a result small dealers will be benefited in around one lakh cases. Dealers having arrears up to Rs. 50 lakhs or less per statutory order will pay only

Submit Letter of Undertaking (LUT) for the FY 2023-24 by March 31, 2023   U nder GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required to furnish a bond or Letter of Undertaking (LUT) to the jurisdictional Commissioner before effecting zero-rated supplies. Notification No. 37 /2017 – Central Tax dated 04/10/2017 extended facility of filing LUT for all the taxpayers.

Revised profession tax on salary and wage earners in the state of Karnataka Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023 revised profession tax slab for salary and wage earners. According to this amendment there will no profession tax on salary & wages up to Rs. 25,000/- per month. This notification will be effective from April 01, 2023 Karnataka Profession tax slab rate for FY 2023-24 Sr No Class of Persons Rate of Tax per month 1 A) Salary & wages earners whose monthly salaries or wages are i) Up to Rs. 25,000/- 0 ii) More than 25,000/- Rs 200/-