Business Daily from THE HINDU group of publications
Thursday, Mar 13, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Mar 13, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Taxation States - Tamil Nadu Chennai Corporation proposes no new taxes
Our Bureau Chennai, March 12 The Chennai Corporation estimates the property tax revenue to grow by 23 per cent to Rs 280 crore in 2007-08 compared to Rs 227.71 crore in the previous year, according to the budget for 2008-09. In budget for 2008-09 the corporation has not levied any new taxes or hiked the tax rates. It estimates property tax revenue to increase to Rs 300 crore during the year. Property tax constitutes an important portion of the revenue for the corporation, which estimates a total revenue of Rs 1,278.48 crore against an expenditure of Rs 1,279.39 crore leaving a deficit of Rs 91 lakh. The Chennai Corporation has also decided to facilitate house construction by simplifying the paper work. It will recommend to the Chennai Metropolitan Development Authority to approve plans for house construction in plots as small as 500 sq ft in areas where row houses are permitted. It would also introduce a green channel for plan approvals for ordinary buildings in the Corporation area. To ease the property tax payment procedure, the Chennai Corporation plans to introduce online payment of property tax during the year, payment using smart phones, set up computerised counters in all the Wards in the corporation to enable the public to pay the property tax and introduce automated cheque collection facilities. Residents will also be able to get a duplicate printout of their property tax demand card over the Internet. More Stories on : Taxation | Tamil Nadu
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