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: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT RATES :: TDS :: cpt :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
« General »
 Filing ITR just got easier for salaried class with CBDT's one-page form
 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

Corporation of Chennai off tax target, infra spend may be hit
January, 14th 2014

Cash-strapped Corporation of Chennai doesn't have the funds to pay the salaries of contract workers but it is set to fall short of its property tax revenue target for a second successive year.

This year is likely to be much worse than the last, with the civic body collecting only 302 crore of its targeted 550 crore till January 9 for the fiscal 2013-2014 — a shortfall of 248 crore. It fell short of its target of 500 crore in 2012-2013 by 39 crore.

Because property tax is the corporation's main source of revenue, officials say a defict is likely to adversely impact various infrastructure projects like the setting up of bus shelters, construction and maintenance of public toilets, the laying of new roads, garbage clearance and payment of wages and arrears of employees of the civic body. The corporation's dog catchers went on strike recently over not being paid salaries for more than two months.

The city has among the lowest property tax rates in metros in the country because the corporation has failed to revise the tax structure since 1998, despite a law stipulating that it be revised once every five years.

The corporation collects property tax twice a year, by April 15 and October 15. But only 60% of people pay on time.

Officials are pinning hopes on last-minute payments to enhance the collection this fiscal. "We expect to collect larger amounts of the tax in February and March because most people pay taxes only in the last two months of the financial year," a senior corporation official said. "But it is definitely going to be difficult to meet the target of 550 crore this year."

Tax collectors receive 78% of property tax payments and zonal collection centres 16%. Around 4% is paid online and just 2% of residents pay through banks. Officials say shortage of staff has affected tax collection this year.

"More than 273 tax collectors in 15 zones receive tax payments for around 13 lakh properties. We will soon procure 300 new handheld devices to streamline the process and help increase the collection," the official said.

Another reason for the low revenue is that the civic body does not have the power to penalise or fine property owners for late payments or failure to pay the tax. Officials said they had proposed that taxpayers who fail to make payments within the half-yearly deadlines be fined 2% of the sum they are required to pay as property tax.

The corporation is also wary of naming property tax defaulters in the city, as TOI reported recently. Several large establishments in the city including hotels, shopping malls and hospitals owe the civic body crores of rupees in unpaid property tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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