Summary:
CHANDIGARH: Delay in payment of the monthly development tax of Rs 200 will invite interest for the employer and individual payee alike. By bringing in the new tax, the state government hopes to raise Rs 1,500 crore during the current financial year. “There is still no clarity on whether the taxable income of Rs 30,000 will be calculated after rebates,” said Hemant Bansal , an excise and taxation lawyer.“Besides, there should also be clarity about people like me who live in Punjab work but elsewhere. What’s more, both willful non-payment of the tax or even due to a reasonable cause will also invite penalty for the employer or an individual liable to pay the tax.As per the plan, the tax will be collected from income tax payees having monthly income of Rs 30,000 per month or above. The amount of penalty, which can go up to 50% of the total tax due, will be awarded by the designated officer.“The penalty would be Rs 5,000 for employer or payee deliberately giving false information and it would be 50% if the payment of any amount of tax is not made within the required time frame..