Ahead of civic polls, NMC offers 100% penalty waiver on property tax for slum dwellers
Tired of too many ads? go ad free now
The scheme will be active from August 1 to December 31, 2025, and is expected to benefit lakhs of residents.
Applicable to dwellers in notified slums located on lands owned by NMC, Nagpur Improvement Trust (NIT), semi-govt, and private agencies (excluding forest land), the scheme is linked to the 'Housing for All – 2022' initiative. Eligible residents must pay the full principal amount of property tax to avail of the waiver on the monthly 2% penalty, seizure notices, and recovery charges.
The move, ordered by municipal commissioner and administrator Abhijeet Chaudhari, is being seen as a significant outreach to regularise slums and ease financial pressure on the urban poor. Deputy municipal commissioner (revenue) Milind Meshram clarified that no refunds or claims will be entertained for payments made before or after the scheme period.
An updated property tax receipt is mandatory for securing lease rights under the housing scheme. NMC has appealed to maximum beneficiaries to take advantage of the offer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
2 hours ago
- Hans India
No ITR waiver for small taxpayers
New Delhi: The new Income-Tax Bill-2025, passed by the Lok Sabha, clarifies that late-return filers are eligible for refunds on excess taxes deducted in a financial year. Analysts said on Tuesday that the Bill was missing the proposal to eliminate the requirement for small taxpayers to file returns just to claim tax refunds. The new I-T Bill kept section 433 intact, which required that 'every claim for refund under this part shall be made by furnishing a return as per section 263'. So, effectively, the law still requires a return of income to claim a refund, with no alternative methods allowed. Taxpayers who file late or revised returns after the due date will still be eligible for refunds, the new bill suggested. Small taxpayers, including senior citizens, must file returns solely to claim a refund for excess taxes deducted at source (TDS), even if their income is below the basic exemption threshold. The committee had recommended that taxpayers should not be required to file a return just to avoid penalties. 'The current mandatory requirement solely to claim a refund could inadvertently lead to prosecution, particularly for small taxpayers whose income falls below the taxable threshold but from whom tax has been deducted at source. In such scenarios, the law should not compel a return merely to avoid penal provisions for non-filing,' the parliamentary panel had earlier suggested. Preeti Sharma, Partner, Global Employer Services, Tax and Regulatory Services, BDO India, said: 'The biggest advantage of the new law is that the common man may easily understand it with lesser efforts as compared to the old law. The revised bill has incorporated most of the changes recommended by the Select Committee. Taxpayers still have to undergo the process of assessing the right regime to follow while filing a tax return. Similarly, no changes are proposed in tax rates as introduced in Budget 2025.' The new Bill was passed, incorporating the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Finmin clears the air: Advance tax penal interest stays at 3%, no increase
In a welcome relief for taxpayers, the Finance Ministry on Tuesday issued a corrigendum to correct a drafting error in the newly introduced Income Tax Bill, 2025. The amendment clarifies that penal interest on shortfalls in advance tax payments remains unchanged at 3% per quarter (1% per month for three months). Previous confusion had sparked concern that the interest rate was increased to 3% per month. Taxpayers with an annual tax liability of ₹10,000 or more must pay advance tax in four instalments — on June 15, September 15, December 15, and March 15. Senior citizens without business income are generally exempt from this rule. The corrigendum matters for those who miss these deadlines or pay less than the required instalment, as the resulting interest charges can quickly become substantial. What the Drafting Error Said The draft clause (Clause 425) in the newly tabled Income Tax Bill incorrectly specified interest of 1% per month or part of a month on the shortfall in advance tax payments. Though seemingly benign, this change implied a maximum monthly interest of 1% for every month delayed, prompting concerns the rate might effectively rise to 3% monthly. What the Corrigendum Fixes The updated wording restores the original intent under Section 234C of the Income Tax Act, 1961: 3% per instalment (charged once for up to three months) when the taxpayer misses deadlines on June 15, September 15, or December 15 instalments. 1% interest applies only to the March 15 instalment. 'Interest is charged for a minimum of three months even if there is a delay of a single day beyond the due date,' as per Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP. Why It Matters for Taxpayers No increased burden: The corrigendum ensures the tax regime remains exactly as it was—1% interest for each delayed instalment, translating to a 3% penalty for quarterly defaulters, not a punitive 3% monthly charge. Maintained clarity: The simplified tabular presentation clarifies the structure, reducing calculation errors or misinterpretations. Calculation in Practice If you owe ₹5 lakh in advance tax: By June 15, ₹75,000 is due. If you pay only ₹50,000, there's a shortfall of ₹25,000. You owe ₹750 interest (₹25,000 × 1% × 3 months). If by September 15 you've paid ₹1.70 lakh (short ₹55,000), interest is ₹1,650 for the next quarter. Total due: ₹2,400 in interest—exactly what the old law required. Bottom Line for You No change in the financial impact of missing deadlines—just better clarity in the law's wording. If you pay advance tax a day late, you're liable for the full 3% penalty per instalment, not a cumulative monthly charge. The correction reduces uncertainty, ensuring taxpayers avoid unintended overpayments and calculation errors. Lok Sabha passes revised new I-T Bill 2025 The Lok Sabha, on August 11, passed the modified new Income-Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025, shortly after Finance Minister Nirmala Sitharaman tabled the revised version in Parliament. Now, the Bill must be passed by the Rajya Sabha to replace the current Act, and then it will seek the President's nod. Once enacted, the new I-T Bill will replace the archaic six-decade-old income tax law. "The biggest advantage of the new law is that a common man may easily understand it with lesser efforts as compared to the old law. The revised bill has incorporated most of the changes recommended by the Select Committee. The new regime announced in Budget 2025 will remain in the new Bill and the tax-payers still have to undergo the process of assessing the right regime to follow while filing tax return. Similarly, no changes are proposed in tax rates as introduced in Budget 2025," said Preeti Sharma, Partner, Global Employer Services, Tax & Regulatory Services, BDO India
India.com
3 hours ago
- India.com
Finance Ministry Issues Corrigendum To Income Tax Bill On Advance Tax Interest
New Delhi: The Finance Ministry has issued a corrigendum to the Income Tax Bill, 2025, clarifying the interest applicable on short payment of advance tax. The amendment specifies a 3 per cent interest rate on such shortfalls, bringing the clause in line with provisions under the Income Tax Act, 1961. The amendment specifies a 3 per cent interest rate on such shortfalls, bringing the clause in line with provisions under the existing act. Under current rules, taxpayers with an annual tax liability of Rs 10,000 or more are required to pay advance tax in four instalments — on June 15, September 15, December 15, and March 15. If a shortfall in payment occurs, even by a single day beyond the quarterly due date, interest is levied for a minimum period of three months. The Income Tax Bill, 2025 — passed by the Lok Sabha on Monday — is set to replace the 60-year-old income tax law, with a focus on simplification through fewer chapters and reduced wordage. Finance Minister Nirmala Sitharaman tabled the revised bill in the house on Monday, following the government's decision to withdraw the earlier draft presented on February 13 this year. To avoid confusion caused by multiple iterations, that version was withdrawn on August 8 after being sent to a Parliamentary Select Committee for review. All of the authorised changes are combined into a single updated text in the revised bill. Most of the 285 suggestions made by the Select Committee, which was presided over by BJP MP Baijayant Panda, are included in the updated draft. The key features of the Income Tax Bill, 2025 include the following: - Companies that have chosen the new regime can also take advantage of deductions under Section 80M of the 1961 Act (Clause 148 of the IT Bill, 2025). - Clause 93 of the 2025 bill provides deductions for family member gratuities and commuted pensions. - Section 206 divides the provisions of the Minimum Alternate Tax (MAT) and the Alternate Minimum Tax (AMT) into two sub-sections. - The AMT provisions only apply to non-corporations that have made deduction claims. LLPs with only capital gains income are not subject to AMT if there is no claim for a deduction. - In clause 187, the word "profession" has been added after "business" to allow professionals who earn more than Rs 50 crore annually to use the designated electronic payment methods. - With the removal of Clause 263(1)(ix), flexibility has been granted to allow refund claims in situations where the return is not filed promptly.
