News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
General »
 Companies seek clarity on buyback tax from finance ministry
 Will the rich outsmart the taxman?
 Income tax benefits on NPS explained in 5 points
 Why new tax surcharge has stunned foreign portfolio investors
  How to set-off short-term capital gains?
 Tax receipts growing but not fast enough for new government
 How Modi government's budgets have reduced your income tax burden
 Tax department tightens the noose on offenders
 How to set-off short-term capital gains?
 Government to revamp procedure for tax assessment
 I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?

PMC may decide on property tax rebate for IT firms this week
October, 18th 2016

A final stamp on property tax discount for information technology (IT) firms in the city is expected this week. The general body of Pune Municipal Corporation (PMC) will take a call on the proposal.

"A special general body meeting has been called to discuss pending issues. Some key proposals regarding the civic body will be discussed in this meeting. Elected members will also decide about the tax discount," a PMC official said.

The proposal was to be discussed in the general body meeting on Saturday , but the meeting was postponed. It has been rescheduled for this week.

If approved, the benefit of the property tax discount will be extended to IT firms that have come up in the city between 2010 and 2015.

"The state government had drafted a policy for IT and ITES firms in 2003. The directives included providing discounts in property tax by conducting assessment as per residential rates," the proposal said.

IT firms that started before 2010 get concessions in their property tax as per the new state IT policy introduced last year. They pay tax as per residential rates, but firms set up after 2015 pay the commercial rate. Civic officials said the IT companies that came up between 2003 and 2010 were assessed as per residential rates, but the new properties thereafter were charged commercially . Now, if the new properties are assessed on residential rates, it would be injustice to the owners of properties who are paying higher taxes.

According to the civic administration, there are 922 properties registered for use of IT firms and ITES. Of these, 693 properties came up before April 2010 and get the benefit. The remaining 229 properties are out of the ambit.
The civic body collects Rs 23.18 crore from IT and ITES firms as property tax. After approval of the proposal, its income will reduce by Rs 3.80 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions