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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: articles on VAT and GST in India :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

MCD propose a 5% hike in property tax
December, 09th 2010

The MCD has proposed a 5% hike in property tax across all residential and commercial categories. The announcement, made by MCD commissioner K S Mehra in his budget speech on Wednesday, however ran into trouble with the civic bodys political brass saying they would not pass any increase in taxes for residential properties.

As per the proposal, tax rates for residential properties will rise from 12% to 17% for A and B categories, from 11% to 16% for C, D and E categories and from 7% to 12% for F, G and H categories. MCD has divided properties into eight categories on the basis of location.

No change for high-end hotels, malls

MCD commissioner KS Mehra proposed a reduction in the rebate on timely payment of property tax from 15% to 10%. There will be no additional rebate on properties up to covered area of 100 sq m, co-operative group housing societies and aided schools, he said. The reduction in rebate is also likely to increase the amount of tax paid by Delhiites.

A 5% hike has also been mooted for residential properties of government companies and statutory corporations, commercial properties of all categories and residential farm houses.

No change is proposed for special non-residential properties like hotels of three star and above, malls, AC gyms and clubs with swimming pools as they are already giving the highest possible 20% tax, Mehra said.

Among the properties exempted from the hike are those of the Airport Authority, non-residential farmhouses and special non-residential properties. The political brass of MCD, which goes to polls in 2011, claimed it would not allow any increase in taxes in residential areas. Besides , the proposed increase in taxes, implementation of the third municipal valuation committee might add to the tax burden of Delhiites.

Just as Mehra ended his budget speech, standing committee chairman Chandolia announced that the tax hike proposal will be reject outright. This despite the fact that MCD has been struggling to raise its revenue collections and has very few options through which to do it.

There will be no debate over increasing taxes levied in residential areas though we might consider increasing taxes in commercial areas. The reduction in the rebate for timely tax payments is also not right. I do not know why the commissioner has done this. I would prefer that more properties are brought under the tax net rather than burdening people who are already paying their taxes, said Chandolia.

He pointed out 4,816 properties had been identified as having a tax liability of Rs 5 lakh per year. We can get Rs 712 crore if these properties are targeted, Chandolia said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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