The Pune Municipal Corporation (PMC) standing committee has decided to extend the due date of online property tax payment for one month more enabling citizen to avail more tax discount of 2 per cent. The extended timeline is now June 30, 2017. Through this method the IT department aims to bring more tax payers under the tax liabilities with providing them greater tax relief.
However, PMC has been offering tax discount scheme quite a few years now. The proposal to stretch the time limit will help the citizen to gain from their tax payment. Encouraging taxpayers by alluring them with reduced tax level is the way to ward off the fiscal deficit of the state. This proposal has been unanimously passed by the standing committee, will now be presented before the general body for the final approval on next month. Yesterday on May 30, there was an official communication from the municipal commissioner. However, the final call needs to be taken within today only, so that the extension can come into effect within the scheduled date.
Official sources confirmed that the IT department has so far set up the decent tax revenue by far. Since April the civic body has collected Rs. 506-crore housing tax from as many as 4.75 lakh transactions. It’s expected that during this additional time period government is likely to collect close to 100 crore or even more. For now, of the total 4.75 lac collections, about 48% transactions (2.22 lakh) have been recorded through online or digital modes of payments. These take in i-banking, card payments and online transfers. The civic administration collected around Rs203.45 crore through digital medium. This put in to 40% of the overall revenue collection of Rs. 506.80 crore.
The property tax is one of the main sources of revenue for the corporation. The tax is charged on immovable or tangible real property, e.g. land, buildings and permanent developments. After UAA introduction individual property owners can assess their yearly tax calculation. Property tax may also comprise basic house/building tax plus service taxes such as road tax, and conservancy/scavenging tax. The tax is collected either half-yearly or yearly.
“Installation of GPS system and self-assessment of property tax calculation are two remarkable steps that state governments have been chosen to avoid major tax shortfall. Not only for collecting property tax, civic bodies can track illegal occupancy by these means. People willing to buy property in Kolkata should be aware of the new tax rules before investment,” said Mr. Mahesh Somani West Bengal State RERA expert.
- Somani Realtors News Network