Company is also a person carrying on profession/trade and hence is required to pay PT on its trade/profession. Companies are required to obtain PT registration certificate number for the Company and PT enrolment certificate to be able to deduct the tax from its employees pay. We do the PT registrations for the company.
How Greenvissage helps Companies to comply with this state tax
Once the company payroll processing is taken up by our Team, the company need not worry about any statutory deductions mandated by the Government. We will implement the deductions in the payroll system for all the employees and this will appear on the monthly payslip for the employees to understand.
After deducting PT, we make the payments online through the Government portals. The payments need to be made before filing the returns. There are interest and penalty implications for non payment of tax.
Every state has defined the parameters and frequency of return filings. Non filing/late filing of returns may attract penalty. For eg: In Maharashtra, a company has to file monthly returns till the end of the first financial year in which the PT certificate is taken, thereafter it depends on the total liability of the year if less than Rs 50,000 then an annual return is applicable or else the monthly returns continue. We file PT returns for companies.
According to this scheme, one can discharge its liability for five years by making advance payment of an amount equal to four times of the annual tax liability. Any increase or decrease in the rate of tax within the aforesaid period of five years shall not vary the tax liability of such person.
Any notices from the PT state department are addressed by us by either online replies or manual submissions. It is ensured that any notices, if issued, are closed.