Tax
Large FDI providers in real estate have approached the finance ministry seeking tax changes to the current framework for Indian real estate investment trusts (REITs). The recently unveiled structure reduces cash in the hands of shareholders by almost one-fifth compared to a listing in Singapore, they told the government officials in recent meetings. REITs allow [...] Continue Reading »
A WEF (World Economic Forum report came out with some data which is not favourable for India Inc. India is among the worst- ranked countries when it comes to taxation and inflation burden on the economy. Crime, terrorism and health hazards also have a negative impact on the business environment. Out of 144 countries analysed by [...] Continue Reading »
The finance minister had outlined the tax treatment for real estate investment trusts (REITs) in his Budget speech. Sebi, the markets regulator, had proposed draft regulations, which have now been approved by the government. A REIT is to be set up as a business trust and its units are to be mandatorily listed on the [...] Continue Reading »
The National Housing Bank (NHB) has decided for the premature closure of its second tranche of public issue of tax-free bonds, this issue opened on March 7 and was planned to close on March 18. NHB got bids for Rs 1,252 crore in all four categories on the first day. The second installment of the [...] Continue Reading »
The Delhi Government plans to develop public utility services on unused plots of 1,000 sq. yards or above which are vacant in unauthorised colonies; in a bid to protect them from land sharks. The Delhi Urban Development ministry commenting on this move said that although there is no land vacant in over 700 colonies; there [...] Continue Reading »
The three municipal corporations of Delhi have collected crores of rupees through property tax this financial year. East Delhi Municipal Corporation has collected Rs 140 crore and has been rated as the highest. There were 2,10,837 tax payers this year whereas, last year, the number of tax payers was 2,04,117. A corporation official said that [...] Continue Reading »
North Delhi Municipal corporation has been carrying out an identification technique in order to register all the unregistered properties in the city. Around 60,000 new properties have been registered with NDMC under the tax net within the past one year. Soon tax defaulters will be sent notice by post by the municipal corporation. With the [...] Continue Reading »
Commercial property located within a radius of one kilometre from any metro line in Delhi is likely to witness a hike in property tax very soon. The three new municipal corporation heads have given a positive nod for the move. Considering the assembly elections scheduled next year, residential properties will be excluded from the hike. [...] Continue Reading »
As a new tax collection strategy the South Municipal corporation Property Tax department recently announced its employee incentive scheme. This new scheme directs at refining the employee work culture within the property tax department and to motivate them to perform better and meet desired targets. According to the incentive scheme, the zone will be eligible [...] Continue Reading »
South Delhi Municipal Corporation (SDMC) is tangled in pending tax issues related to the Feroz Shah Kotla stadium. However, citing a court order against any coercive action on DDCA, SDMC has become moderate about the issue. South corporation mayor Savita Gupta told that the Delhi District Cricket Association’s (DDCA) requested the corporation to permit them [...] Continue Reading »
