<p>Sparing residential property owners, the standing committee of the North Corporation on Wednesday proposed 20 per cent property tax on big commercial complexes in the budget for the financial year 2014-15. <br /><br /></p>.<p>The chairman of the standing committee also rejected all new proposed taxes. Giving a major relief to residents, the house tax remains the same. The suggestion will go to the civic agency’s House for approval.<br /><br />At present, there is a 12 per cent property tax on commercial complexes built in 100 square yards. North Corporation Standing Committee Chairman Mohan Bhardwaj proposed 20 per cent property tax on any commercial property that is built in 150 square yards. “We don’t want to over burden those who are already paying taxes,” Bhardwaj told Deccan Herald.<br /><br />According to the North Corporation, there are over 10.5 lakh commercial properties in six zones under the limits of the civic agency. But only 3.5 lakh property owners pay property tax.<br /><br />“We will make sure to get property tax from almost all the property owners this year. When the corporation will get property tax from some 10 lakh commercial properties, its revenue will automatically go up,” Bhardwaj said.<br /><br />The North Corporation has also decided to increase the yearly old age pension from Rs 1,000 to Rs 1,200 starting April 1. But the number of beneficiaries remain the same at 750 persons.The standing committee has also put down the proposals to increase parking rates, usage charges for collection of door-to-door garbage and congestion charges providing respite to people from new taxes. <br /><br />According to the budget estimates for the upcoming financial year, Bhardwaj said the proposals to increase the rates of property tax in posing of unit area value, theatre tax, sanitation fee for organising social events, road tax, night fees and increased health and trade licence fees have been rejected. <br /><br />“Taking a note of price rise on essential commodities, the corporation has decided not to increase property tax.”<br /><br />The commissioner of the civic agency prepared this increase to augment the revenue. “As far as matter of revenue augmentation is concerned, we will recover the complete tax share from those agencies, such as DDA and DMRC who are not paying us innocently,” said Bhardwaj.The civic agency has provided respite from new taxes to the tune of Rs 600 crore annually.<br /></p>
<p>Sparing residential property owners, the standing committee of the North Corporation on Wednesday proposed 20 per cent property tax on big commercial complexes in the budget for the financial year 2014-15. <br /><br /></p>.<p>The chairman of the standing committee also rejected all new proposed taxes. Giving a major relief to residents, the house tax remains the same. The suggestion will go to the civic agency’s House for approval.<br /><br />At present, there is a 12 per cent property tax on commercial complexes built in 100 square yards. North Corporation Standing Committee Chairman Mohan Bhardwaj proposed 20 per cent property tax on any commercial property that is built in 150 square yards. “We don’t want to over burden those who are already paying taxes,” Bhardwaj told Deccan Herald.<br /><br />According to the North Corporation, there are over 10.5 lakh commercial properties in six zones under the limits of the civic agency. But only 3.5 lakh property owners pay property tax.<br /><br />“We will make sure to get property tax from almost all the property owners this year. When the corporation will get property tax from some 10 lakh commercial properties, its revenue will automatically go up,” Bhardwaj said.<br /><br />The North Corporation has also decided to increase the yearly old age pension from Rs 1,000 to Rs 1,200 starting April 1. But the number of beneficiaries remain the same at 750 persons.The standing committee has also put down the proposals to increase parking rates, usage charges for collection of door-to-door garbage and congestion charges providing respite to people from new taxes. <br /><br />According to the budget estimates for the upcoming financial year, Bhardwaj said the proposals to increase the rates of property tax in posing of unit area value, theatre tax, sanitation fee for organising social events, road tax, night fees and increased health and trade licence fees have been rejected. <br /><br />“Taking a note of price rise on essential commodities, the corporation has decided not to increase property tax.”<br /><br />The commissioner of the civic agency prepared this increase to augment the revenue. “As far as matter of revenue augmentation is concerned, we will recover the complete tax share from those agencies, such as DDA and DMRC who are not paying us innocently,” said Bhardwaj.The civic agency has provided respite from new taxes to the tune of Rs 600 crore annually.<br /></p>
