Time to pay up as property tax comes into force

Nov 07 2012, 15:30 IST
Comments 0
SummaryWith the Punjab government imposing property tax from Tuesday, all residential and commercial properties, vacant plots and semi-built up units have come under the purview of the tax.

With the Punjab government imposing property tax from Tuesday, all residential and commercial properties, vacant plots and semi-built up units have come under the purview of the tax.

According to sources, on Monday, Punjab Governor Shiv Raj Patil had issued a ordinance in this regard. The government is set to present the ordinance in the Assembly’s winter session, set to be held sometime in December, where it will have to be passed for it to become an act. In August, the cabinet had cleared the proposal to implement property tax in the state.

As per the ordinance, all property owners who deposit property tax by June 30 of each year will get a 10 per cent early payment rebate. But there is heavy penalty on those who default on tax. All such defaulters will be fined at a rate of 25 per cent of the tax payable and 15 per cent annual interest for the delayed period.

Moreover, all property owners will be entitled to file “self assessment” on the basis of parameters fixed by the government. From now on, local bodies department officials will have no right to inspect or assess such cases. The tax will be calculated keeping in view parameters like usage, type, structure, occupancy and age.

Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...