02 March 2011

The MCD has given an opportunity to tax defaulters : property tax payment last date extended to March 31 2011

Seeking to increase its revenue and give an opportunity to tax defaulters, the MCD today extended till March 31 the last date for its two ongoing schemes for settlement of property tax cases.
Chairman of Standing Committee Yogender Chandolia said on public demand, MCD has extended the last date of the scheme for settlement of ex-parte assessments under old system of assessment (rateable value) as well as the unit area method.
The schemes were to be closed yesterday.
"The extension of time period will help the defaulting taxpayers who could not avail of the opportunity so far. The settlement scheme provides waiver of interest and penalty amount, subject to up-to-date payment of property tax. The taxpayers would be required to pay only the actual amount of tax accruable each year," an official said.
The old RV system continued till March 31, 2004 after which the unit area method was introduced from April 1, 2004.

There are about one lakh cases pending under the old system.
In the RV system, the capital value of the property was used to be taken into account while in the unit area method, value is assigned to colonies rather than individual properties.
The cash-strapped civic body is keen to collect more property tax, which is its main source of revenue.

The collection has been below the initial target this financial year, prompting the civic body to revise the target

src: ndtv
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