March 31 has been fixed as the last date for payment of Property Tax and business Tax in chennai Corporation.
Chennai Corporation Warning:
The chennai Corporation has warned that if the outstanding property and business tax is not paid by the deadline on march 31, a penalty of 2 percent will be imposed and the property of those who have not paid tax for a long time will be sealed and legal action will be taken. It is noteworthy that in the current fiscal year, Rs 1,390 crore has been collected as property tax and Rs 412 crore as business tax by the chennai Corporation.
Property Tax Details:
Chennai, the capital city of tamil Nadu, has administratively 15 manuals and 200 wards. Property and business tax is collected from the public as a source of finance for the development works undertaken here. However, as the current financial year will end on march 31, the corporation administration has urged to pay the outstanding taxes by then.
Steps are being taken to fully collect the first half tax from 13.31 lakh property owners in chennai by april 15 and the second half tax by october 15. Action is taken against those who do not pay tax as per section of the Metropolitan chennai Corporation Act. In case of any change in the residential character and usability of the residential building, the chennai Corporation Administration should be informed within 15 days.
Meanwhile, an incentive of five percent or up to Rs 5,000 is given to those who pay property tax within the first 15 days of every half-year to encourage those who pay property tax correctly. At the same time, a penalty of two percent is levied on property taxpayers after the expiry of the period. As property tax has been hiked this financial year, the corporation has been given time till january 12 to pay property tax without penalty. However, most of the property owners are delaying payment of property tax to the Corporation.
5 lakh non-taxpayers:
So far, tax of Rs 1400 crore has been collected from around 8.3 lakh out of 13.31 lakh property owners in Chennai. But still 5 lakh people have not paid tax. Besides collecting the tax from them by march 31, the Municipal Corporation Administration is also working towards making chennai the first in property tax collection among the local bodies in tamil Nadu.