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: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt :: form 3cd :: empanelment :: due date for vat payment
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

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 2017 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