PUBLIC NOTICE

  (B) COMMERCIAL HOLDING
 The Annual Value of Holding of a Commercial unit is calculated by the following Procedure:
Step I   - Add Civil Cost of the building + the cost of P.H & Electric fitting
Step II  - Take 7.5% of the value arrived through step I
Step III - Add 0.5% of the land cost with Step II
Step IV - 17.5% of the Cost arrived at Step III is the Holding Tax payable per annum

(C) RESIDENTIAL HOLDING USED ON RENT
 Tax to be fixed on holdings given on Rent the following procedure is followed:
Step I - Monthly rent of the building x 12 = X
Step II - Deduct 15% of X towards maintenance cost
Step III- Add 0.5% of the Land Cost where the building is located
Step IV- Hence annual value of the building is (Step I + Step III – Step II)
    Holding Tax is levied @ 17.5% of the Annual Value arrived at Step IV Govt. buildings, Govt. Hospitals, Govt. educational institutions, Govt. cultural institution only pay 7.5% towards latrine tax & light tax and such institutions are being exempted of paying 10% Holding Tax as per the Act.
   Holding Tax constitutes the prime source of Revenue for the Municipal Corporation. On finalization of Rules & bye-laws the Corporation will be introducing the self-assessment of the Holding dispensing with the cumbersome process of assessment thereby bringing more transparency in to the Assessment procedure, which will facilitate the collection of dues also.
 N.B- Non-payment of Holding Tax as per the provision of the Act can land a holder into many troubles on invoking of the Penal provisions of the Act.

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