On Property Tax Receipt Showing Owner Name As A Mr. Ramesh Pawar NPO Mr. Nitin Ramesh Pawar . I want to know who is Owner ? Ramesh Pawar or Nitin Ramesh Pawar ? whats is a meaning of NPO ? ( As per my knowledge Nitin is a son of Ramesh Pawar ) but why Nitin Name is mentioned on Property Tax ?
Hi friends, Now the effective rate of service tax on the entire value of a property costing below Rs.1 crore is 3.75% (i.e., 15% * 25% of the property value), and for a property above Rs.1 crore, the effective rate is 4.5% (15% * 30% of the property value). Accordingly, if you are buying a property costing Rs.75 lakh, you will have to pay Rs.2.81 lakh (3.75% of Rs.75 lakh) as service tax. Similarly, if the value of the property is Rs.1.5 crore, service tax would be Rs. 6.75 lakh (4.5% of Rs.1.5 crore).
Yes, and now from 1st June 2016 new Service Tax rate are:- Service tax basic rate:- 14%, Swachh Bharat Cess:-0.5% w.e.f 15.11.2015, Krishi Kalyan Cess:-0.5% w.e.f.01.06.2016, Total Service tax rate:-15%
Hi friends, It will be better if they reach out to untapped property owners, this would increase the civic body's property tax collection in 2016-17. But again in 6th April 2016, Maharashtra Govt. has waived property tax for Gallantry award winners.
And last week, the Delhi High Court, with regards to a recent case, ruled that service tax cannot be levied on under-construction flats in a housing project. Earlier, service tax on under construction property is charged on 25% or 30% of its value. It is not charged on the entire value of the under-construction property, and is instead levied on a certain percentage of the total value, i.e., the cost of construction.
Hi Govinda!! On 12th February,2016, Aurangabad Municipal Corporation has proposed hikes in property tax rates in the city to generate more revenue. The civic body plans to increase tax rates from Rs.1 to Rs.1.5/sq-mt for residential properties and from Rs.28 to Rs.35/sq-mt for commercial properties. The new rate will be applicable only if they are approved by the standing committee.
Yes, the municipal corporation has divided all the properties in the city in 7-different categories based on their use. The categories are residential, non-residential, commercial, educational institutes, those owned by the government, mobile towers and industrials units. Moreover, the properties are further divided into sub-categories based on the type of construction. Properties with RCC slab fall under the A type, those with wooden slab in B type, with metal sheet on rooftop in C type and with cement sheet in D type.
HI Pranab, But the Aurangabad Municipal Corporation has finally decided to stick with current rates for the financial year 2016-17 and they are collecting tax as per the old rates. Instead of putting additional burden on honest tax payers, they are now planning to reach out to untapped property owners.