Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year
 Tax-saving investments for senior citizens: Here are 4 ways to maximise your tax savings
 11 ways of tax savings for salaried individuals for FY 2023-24
 How selling equities before March 31 can help you save income tax
 Income tax benefits for senior citizens on interest income from savings, fixed deposits explained in eight points
 5 smart things to know about Income Tax Return in India

Kerala Govt revises building tax structure
June, 23rd 2007
The Kerala Government has revised the building tax structure, which will now be based on the floor area, instead of the annual rent hitherto followed.

Making a statement under Rule 300 in the State Assembly on Friday, the Minister for Local Administration, Mr Paloli Mohamed Kutty, said that there had been no revision of the tax structure since 1993 and this had caused huge loss to the local bodies. Till now, the tax was determined as a fixed percentage of the annual rent a building could fetch to the owner.

But since there were no clear-cut guidelines in this regard, there had been complaints about the method, the Minister said.

The revision of the tax structure based on floor area had been made in line with the recommendations of the Sen Committee, which was appointed by the Left Democratic Front (LDF) Government to suggest administrative reforms following the decentralisation of governance.

The Minister said that there would not be much of a hike in the tax for ordinary people under the new dispensation. However, the tax rate would go up in accordance with the size and opulence of the house.

The tax will be determined at a fixed rate per square metre. Besides, the zone where the building is located, road connectivity, the size of the building, the roof, the type of the floor and walls and the age of the building will be taken into consideration while calculating the tax.

There will be varying rates for rural, municipal and corporation areas. In panchayats, the rate will be from Rs 3 to Rs 8 per square metre, while it will be between Rs 6 and Rs 15 in municipalities. In corporations, the rate will be between Rs 8 and Rs 20 per square metre.

In the initial phase, the rates will be Rs 3 to Rs 5, Rs 6 to Rs 8 and Rs 8 to Rs 12 in panchayats, municipalities and corporations respectively.

The huts of poor people, the houses under the EMS Housing Project and those houses made available from Scheduled Castes, Scheduled Tribes and Fisheries Departments have been exempted from tax. Also, houses with a floor area up to 30 square metres will not attract tax.

The new tax structure will come into force in the current financial year, the Minister said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting