Wednesday, October 29, 2008

Pay up your first SAS instalment in 60 days

Pay up your first SAS instalment in 60 days

B a n g a l o r e :
Quite in the manner of a Diwali gift, the Self A s s e s s m e n t Scheme (SAS) for property tax collection exclusively for Bruhat Bangalore Mahanagara Palike (BBMP) limits came into effect on Tuesday.
An ordinance promulgated by governor Rameshwar Thakur allows BBMP to classify its jurisdiction into six zones based on guidance value published by the stamps and registration department. Under the new scheme, property tax can be paid in two equal instalments. The first instalment should be paid before May 30 and the second by November 29 of each financial year. There is an option to pay the entire amount at one go.
For the current financial year, the first instalment has to be paid within 60 days of the ordinance being promulgated. However, the government order specifies that for 2008-09, the first instalment must be paid within 60 days from the commencement of the ordinance (it has already been gazetted) and the second instalment within 30 days thereafter.
Tax calculation
The ordinance allows insertion of new clause section 108A into the Karnataka Municipal Act which says: ‘Tax being less than 20% and not more than 25% of the taxable annual value of a building, vacant land or both. The taxable part shall be calculated by multiplying the corresponding “unit area value” with the total built-up area of a building, vacant land or both for 10 months, minus depreciation at such rate, depending on the age of a building’. The ‘Unit Area Value’ is calculated by taking an ave r - a g e rate of expected returns from the property per sqft per month on the basis of the average market rate determined through mass appraisal method or real estate market information. BBMP will bring out a handbook which explains the salient features of the new system. Valuation under the new SAS has been revised by 20% compared to previous rates. Other fea tures include doubling the tax on vacant plots and 50% rebate for self-occupied residential properties. BBMP fines violators
Bangalore: BBMP commissioner S Subramanya inspected developmental works in areas that come under the western zone.
Along with health department officials, he took stock of hygiene conditions in the target areas. He ordered fines on individuals and contractors who violate BBMP’s guidelines.
At Jalahalli ward on Subroto Mukherjee Road, the trust of Ayyappa Swamy temple was fined Rs 3 lakh for disposing garbage nearby. The BBMP acted on a complaint filed by the site owner.
He also went to New Bel Road, Jalahalli and Vidyaranyapura Roads. He told officials to speed up repairs of important roads.


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