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
News Headlines »
 New tax rules which will help you save tax in FY2018-19
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals

Now, you can pay property tax in two installments
May, 03rd 2014

There's some good news for the residents of the city, as the Aurangabad Municipal Corporation (AMC) has recently decided to collect property tax in two equal installments from the current fiscal.

Shivaji Zanzan, tax collection in-charge in the AMC, said that now on, the civic body would issue a common bill at the beginning of the fiscal but collect the charges on two different occasions.

"The citizens will have to pay the first part (for a period between April and September) at the beginning of the financial year. They can fulfill their tax liabilities in April, May or June. During these three months, the AMC will not charge any late fee. However, from July, August and September; the AMC will levy additional charges of 2% per month on the total amount. A similar formula will be applicable for the payment of second part. People can avoid late fee by paying the tax in October, November and December otherwise they will have to additional 2%," he said.

Citizens interested in making one-time annual payment can do so, but the AMC has no special discount for it.

Zanzan said the new facility would reduce the financial burden on the tax payers. "Many people were finding it difficult to pay the taxes in one attempt. Moreover, the AMC will also get money twice in the fiscal," he said.

Sources said the AMC had to struggle every year, especially during the end of the fiscal, as many tax payers swing into action in February-March. The AMC's decision is expected to bring in discipline among them.

The AMC is eyeing to generate revenue to the tune of Rs 130-140 crore in the current financial year (2014-15). Sources said that relaxation in tax payment, addition of new properties and the AMC's aggressive recovery drive would help it achieve the target. In 2013-14, the AMC had collected about Rs 70 crore on account of property tax.

Zanzan said the civic body would continue to seal the properties and disconnect water supply of tax evaders throughout the fiscal. He added that the AMC would first take to task the commercial property holders and then go after residences.

As per the records of the municipal corporation, there are 1.85 lakh properties in the city of which 20,000 fall under the commercial category and 1.55 lakh are in the residential category.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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