sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 Interest income from an NRO account is fully taxable in India
 Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute
 GST, infrastructure status drive PE investments in warehousing
 Taxman should move towards limited scrutiny
  Government likely to withdraw tax notice on free banking services
 GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting
 IT department cautions TDS deductors against quarterly filing default
 The notification said start-ups approved by an inter-ministerial panel are exempted from the tax which is levied on firms issuing shares to investors above their fair value, treating it as income from other sources
 Why you need to sort out your tax-residency status
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004

Property owners oppose Greater Mumbai civic bodys tax formula
October, 23rd 2013

Mumbai-based Property Owners Association is going to challenge the Municipal Corporation of Greater Mumbai’s recently revised basis and method of property tax computation.

The Bombay High Court has admitted the association’s plea while allowing the civic authority to file its reply by November 11. This matter will be clubbed along with the petitions of Bombay Hospital Trust and five Parsi trusts that challenged the stringent tax levied by the civic authority.

Property owners are opposing the revised method of property tax computation.

The association is representing over 8,000 members across Maharashtra. “The outcome of these cases is likely to impact hundreds of Mumbai properties owned by individual property owners, charitable trusts and religious entities and the methodology of computing taxes for these properties,” said Homiar N Vakil, partner of Mulla & Mulla & Craigie Blunt & Caroe, a law firm representing property owners and Parsi trusts in the matter.

The petition is seeking a stay on implementation of the revised basis and method of property tax calculation.

According to the petition filed by the association, the levy of property taxes under the said Act should take into account the paying capacity of the owner of the property. Earlier, five Parsi trusts based in Mumbai also approached the court challenging the civic authority's notices on property tax levied on the base of capital value as against ratable value.

The earlier tax calculation system which was applicable until April 2010 was based on a ratable value, while the new system will be based on the capital value of the property factoring the ready reckoned value.

Ratable value of the property represents the annual rent which the property is leased out for. Under the new system, for commercial properties the tax rate is fixed at 1.3 per cent of capital value, while for the residential segment it is 0.35 per cent. “Under the earlier system, charitable organisations were offered certain concessions and those are not available in the new capital value system.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions