Karnataka Professional Tax Amendment Act, 2023 With New Schedule

The “Karnataka Tax on Profession, Trades, Callings and Employments (Amendment) Act, 2023” is a significant update to the 1976 Act. This amendment introduces a new and more concise schedule that details the tax structure corresponding to different professions, trades, callings, and employments. The aim of this reformulation is to simplify the tax system and make it more accessible and understandable for taxpayers in Karnataka. The Act includes essential revisions to definitions, tax rates, and various sections, which reflect the changing economic landscape and professional practices in the state.