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
« Indirect Tax »
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers

IT buildings to pay hiked property tax from Oct 2012
May, 23rd 2013

The revised property tax for IT buildings is likely to be collected from the half-yearly period starting October, 1 2012. The Chennai Corporation Council on Wednesday passed a resolution seeking government approval to increase the property tax for buildings housing IT companies from the second half of 2012-2013. The total property tax collected from the owners of such buildings is just Rs.10.84 crore now.

The increase in the tax rates range from 50 to 200 per cent for property housing IT companies. The civic body had identified 344 IT companies in ten zones of the city except Tiruvottiyur, Manali, Madhavaram, Tondiarpet and Thiru.Vi.Ka. Nagar which do not have any IT companies. However, rates in these zones will also be increased. Over 3.3 crore sq ft of property used for housing IT companies in the southern and western parts of the city has been identified.

The decision of the Corporation will create a new category of IT buildings similar to hospitals, star hotels, lodging houses, cinema theatres and marriage halls. The existing tax rates for such commercial property in the 15 zones range from Rs.0.60 to Rs.11.25.

The existing average property tax rate for one sq ft for such buildings is Rs. 3.29. The proposed property tax rates for the newly created category of IT buildings approved by the Chennai Corporation council ranges from Rs.4 to Rs.27. Teynampet zone will have a 200 per cent increase.

Adyar, Kodambakkam and Anna Nagar will also have an increase of 200 percent.

Sholinganallur zone will have a 100 percent increase as will Manali, Tondiarpet, Royapuram, Thiru.Vi.Ka.Nagar.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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