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 :: VAT Audit :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Property tax hiked in Chennai, will IT companies log out?
January, 22nd 2013

The Corporation of Chennai on Monday pitchforked infotech companies into a separate category of assessees, increasing the rates of property tax they will have to pay by up to 200%.

It may not be time as yet for companies to pull the plug on Chennai as a favoured destination, but industry representatives say they were taken aback by decision. "This is against the state's policy of being an investor-friendly destination," said Nasscom senior director K Purushothaman. "We will now have less incentive to invest in the city."

IT companies in the heart of the city — Teynampet, Kodambakkam, Anna Nagar and Adyar, where the rate has been increased by 200% — will now have to pay the most. Firms in these zones so far paid anywhere between 3/sqft and 9/sqft. They will now have to shell out anywhere between 9/sqft and 27/sqft. This is much more than what IT companies pay in Bangalore (10/sqft per year for companies that own the building and 20/sqft for firms that rent commercial space) or Kolkata (12/sqft per year).

IT companies were so far clubbed with departmental stores and other small establishments in the 'non-residential building' category. The corporation has now moved them under the 'special buildings' category.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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