Bengaluru: BBMP Warns Of 100% Penalty, Interest On Property Tax Arrears After July 31St; Read This
Date
7/30/2024 1:25:56 AM
(MENAFN- AsiaNet News) Tomorrow is the last day for property owners in Bengaluru to pay their outstanding property tax to the Bruhat Bengaluru Mahanagara Palike (BBMP) without incurring penalties or interest. The BBMP has introduced a One-Time Settlement (OTS) scheme allowing taxpayers to clear their dues without facing penalties.
Under the OTS scheme, those with outstanding property taxes have been exempted from penalties and interest, provided they settle their arrears by July 31. If the arrears are not cleared by this date, fines and interest will be imposed.
Bengaluru: BBMP falls short of property tax revenue target for year 2023-24
From August 1, property owners who fail to pay their outstanding taxes will face a 100% penalty on their tax arrears. Additionally, they will be charged interest ranging from 9% to 15% on the total outstanding balance. This measure comes after the BBMP Act was amended in the last budget session, introducing a new tax policy effective August 1.
For example, if a property owner has pending property taxes amounting to Rs 10,000 for the year 2023-24 and previous years, they would face a total penalty of Rs 20,000, plus an additional 9% to 15% interest on the total outstanding amount.
Bengaluru: Property tax increased by 6.5% for houses under BBMP, effective from April
This policy also applies to property owners who have misrepresented their property taxes. Starting August 1, the BBMP will issue three notices to building owners with tax arrears. Failure to comply will result in further actions, such as confiscation of property and bank accounts. If necessary, the BBMP may even consider auctioning the property to recover the dues.
BBMP Commissioner Tushar Girinath has emphasized the importance of paying outstanding taxes by the deadline to avoid these severe penalties. The new tax law aims to ensure compliance and enhance the BBMP's revenue collection.
MENAFN30072024007385015968ID1108496698
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.