Property Tax
Families of retired ex-servicemen will be entitled to further exemptions added to the prevailing ones as the State government has decided to waive 50 per cent of the property tax for their houses or land. According to the Karnataka Municipalities and?Certain Other?Law (Amendment)?Act, 2011, an ex-serviceman is defined as a person who has served in [...] Continue Reading »
Three realtors of Surat have been caught with Rs 18.50 crore as undisclosed income to the income tax (I-T) department on Thursday. I-T officials had conducted a search and survey operation under the Income Tax Act, 1961 on few realtors in Varachha and Mota Varachha areas in Surat on Tuesday. About 45 places in the [...] Continue Reading »
The Chennai Corporation has made arrangements for property tax payments at counters of any of the 146 branches of three designated banks from today onwards. It was planned earlier but delayed due to technical glitches. However, the facility will be started with three banks: Indian Overseas Bank (74 branches), City Union Bank (31 branches) and [...] Continue Reading »
In order to conduct a survey of all properties in the city, officials of civic agencies propose to hire a private agency. Property tax department officials have suggested that a private agency should be hired to prepare the database and find out which house owners are evading tax. It is suggested that a team should [...] Continue Reading »
East Delhi Municipal Corporation (EDMC) is to send property tax notices to over six lakh properties under its authority as it is having a financial crunch. The corporation did not have a database on the number of properties liable to pay taxes in East Delhi, therefore, it turned to power discoms and the data received was shocking. [...] Continue Reading »
Properties in North Delhi Municipal Corporation are to get identity numbers as the corporation incurred huge losses due to the absence of database of the number of properties that are liable to pay taxes. In order to improve the Corporation’s finances, it is mandatory that all properties pay taxes. This year it earned only Rs [...] Continue Reading »
Mumbai property owners will not only be getting a final property tax bill, but also a special notice reflecting the property’s capital value in September. The area of the building for which property tax being charged, the new tax calculated, the old tax rate, method of the new capital value-based tax are mentioned in the [...] Continue Reading »
With a clear cut approach focusing on the development of social and physical infrastructure, the Jammu & Kashmir Chief Minister, Omar Abdullah, has hinted at revolutionary changes which mean residents of the state may have to pay tax on commercial and residential properties for the first time. Abdullah reportedly told the Planning Commission while briefing [...] Continue Reading »
Kolkata Municipal Corporation (KMC) aims to collect Rs 1800 crore from property tax, as per new assessment reports of KMC’s revenue department. Presently, the KMC collects Rs 530 crore from property tax. To take the massive leap, the KMC is set to introduce online payment of trade license fees and contractors’ dues. Apart from this, [...] Continue Reading »
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year. For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated [...] Continue Reading »
