Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
« General »
 Data shows new tax regime widely adopted
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund

New property tax based on five factors
September, 11th 2012

The Nagpur Municipal Corporation (NMC) is heading towards the final stage of implementing the new model of calculating property tax, which is popularly known as ready reckoner based property tax, but is in fact a capital based property tax.

In the new model, NMC has created various categories of taxpayers according to the difference in location of property. The general body in its next meeting will discuss and decide the fate of property tax's new model. The meeting is likely to be held next week.

The new model will increase property tax for majority of taxpayers but ensure that the hike is not over two times for residential and three times for commercial taxpayers due to a cap system. However, the model will bring transparency and various other benefits to taxpayers as well as NMC. Considering all these, the general body may approve the model, which have been delayed by two years already.

According to data available with NMC, property taxpayers were earlier divided into only three categories, open land, residential and non-residential. Under the new model, there would be four 'head categories', open land, residential, commercial and industrial. Under each head category, there would be various categories. The property tax will differ according to the subcategories due to weightage system. There will be 16 subcategories in open land, 10 in residential, 47 in commercial and seven in industrial. These will subcategories will be called user category.

As predicted in initial stages, the property tax will not be assessed only on ready reckoner value of the property. Five different factors will be taken into account, taking the ready reckoner value of a property as the base for assessment of property tax. Besides user category and built up area, the property tax will also factor in three other factors, nature and type of building, age of building and floor. The weightage is different for each factor.

Though it may seem as very complex, the common man can also assess his property tax in the new model. But the main motive of the new model will not be met unless revaluation of properties is done. It will be interesting to see whether NMC achieves its intent on this front, since it has been unable to complete revaluation of properties in the last over five years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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