Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: list of goods taxed at 4% :: due date for vat payment
« General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

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 2016 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