Tax
The traders of Connaught Place in New Delhi have stated that they are facing up to 70 per cent losses in business due to municipality work going on in the area. The traders have asked the New Delhi Municipal Corporation (NDMC) to increase their property tax rebate by 30 per cent. Currently, the traders in [...] Continue Reading »
The Thane Municipal Corporation (TMC) is all set to reform property tax structure. Determined to go ahead with its plans to assess property tax based on capital value of structures, the civic body is likely to vie for reforms in the tax structure. TMC’s legal department will file a signed affidavit that is to be [...] Continue Reading »
The Madhya Pradesh state government‘s decision to levy Narmada tax has come under fire from various builders and property owners. The property owners are to pay tax prior to getting building permission for any construction is bound to put an additional burden on those constructing new house, as well as on those who had bought [...] Continue Reading »
While the Bruhat Bangalore Mahanagara Palike (BBMP) announced to start the tax collection drive, it was alleged that it had targeted lower and middle class to collect property tax. Now, the BBMP has come up with the list of 20 major property tax defaulters, who owe almost Rs 16.58 crore to the civic agency. Big [...] Continue Reading »
D.K. Mittal, Secretary – Ministry of Finance (Banking & Insurance) has assured Confederation of Real Estate Developers’ Association of India (CREDAI)‘s Chairman Pradeep Jain that Union Government will look into reducing the cost of funds for real estate developers. It is a welcome sign from the finance ministry to the real estate developers that the [...] Continue Reading »
The new property tax policy of the state government of Punjab has not gone down well with the citizens of Ludhiana. The property tax rates fixed at 1 per cent for residential, 1.5 per cent for institutional, 2 per cent for industrial and 4 per cent for commercial property are being considered very high by [...] Continue Reading »
In order to earn additional revenue of about Rs 1000 crores, Punjab Cabinet has decided to impose property tax on vacant lands among various other measures. Along with built up buildings, vacant plots and semi-built up units have also been brought under the purview of the proposed tax. All vacant plots would attract 25 per [...] Continue Reading »
The Delhi government got a boost as pleas against the government’s legislation levying property tax were rejected. Delhi government had passed a legislation empowering the corporations to levy property tax on the basis of unit area hold by the owner. Many individuals pleaded with the court to declare the Delhi Municipal Corporation (Amendment) Act, 2003, [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) is all set to send the final property tax bill in September. The BMC claims that it has completed the billing process and is currently working on the refunds. The civic body is in the process of computerizing the property tax collection system and is planning to use it to [...] Continue Reading »
South Delhi property tax defaulters are to bear brunt of Delhi Municipal Corporation. The south Delhi Municipal Corporation has geared up to crack down on defaulters who have rented their properties but have not been paying the right amount of property tax. The Corporation officials state that most of the residents are either not paying the [...] Continue Reading »
