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 INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

New house tax rules for commercial properties
May, 28th 2014

The new house tax rules for commercial properties implemented from Thursday are expected to bring down the tax burden on owners by almost 50-60%. On Thursday, Lucknow Municipal Corporation authorities distributed new forms of non-housing properties based on new rules to zonal officers and trained them. Officials are required to distribute forms to owners of non-housing properties in their zones for self-assessment of house tax.

Earlier, commercial house taxes were based on a certain percentage of the property's capital cost. Tax would now be calculated by self evaluation of residential value and multiplying it with number of times, maximum up to six, depending on the category. Non-housing properties have been divided into 10 categories.

There are about 4.70 lakh properties in Lucknow, including residential and non-housing properties. Around 75,000 would be non-housing ones which total contribute 30% of the tax revenues to the corporation. Municipal commissioner R K Singh said "if all owners of non-housing properties in Lucknow come forward to pay taxes regularly, our annual income would increase by almost Rs 20-30 crore."

There are many petrol pump owners, factory owners and businessmen reluctant to pay taxes due to the heavy financial burden. In the previous format, house tax on non-housing units was calculated by multiplying the property's capital cost (sum of the land cost which appreciates yearly) and the cost of construction (which depreciates on a yearly basis) by 7 and taking out 15% of total value.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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