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