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 »
 Stricter rules on dealing with tax evasion kicks in from today
 New income tax rules from today, no escape just by paying penalty
 How to link your Aadhaar Card with Income Tax Return?
 Got a tax notice? Here’s what you should do
 How tax efficiency varies across states
 Follow deadline or you may face these consequences Income Tax Return filing
 How to make full use of section 80D to save tax on health insurance?
 Concessional income tax rate in traders' list of demands for Modi govt
 GST Council may consider national bench of AAAR next month
 Non-filing of Income Tax Return can’t be a ground to deny Capital Gain Exemption:a
 Decoding income tax exemptions

Property tax hiked in Chennai, will IT companies log out?
January, 22nd 2013

The Corporation of Chennai on Monday pitchforked infotech companies into a separate category of assessees, increasing the rates of property tax they will have to pay by up to 200%.

It may not be time as yet for companies to pull the plug on Chennai as a favoured destination, but industry representatives say they were taken aback by decision. "This is against the state's policy of being an investor-friendly destination," said Nasscom senior director K Purushothaman. "We will now have less incentive to invest in the city."

IT companies in the heart of the city — Teynampet, Kodambakkam, Anna Nagar and Adyar, where the rate has been increased by 200% — will now have to pay the most. Firms in these zones so far paid anywhere between 3/sqft and 9/sqft. They will now have to shell out anywhere between 9/sqft and 27/sqft. This is much more than what IT companies pay in Bangalore (10/sqft per year for companies that own the building and 20/sqft for firms that rent commercial space) or Kolkata (12/sqft per year).

IT companies were so far clubbed with departmental stores and other small establishments in the 'non-residential building' category. The corporation has now moved them under the 'special buildings' category.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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