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In spite of this, due to a strong revenue base in form of taxes, there was a revenue surplus of INR 78 crores and an overall surplus of INR 18.98 crores (including capital account). Revenue income is primarily earned by NMC or for NMC by some external sources. Among own sources, the largest source is octroi (47%) followed by property tax (18%).
The tax is to be paid by a registered trader within 40 days. As per the rules, every trader whose annual turnover of purchase and sales of the goods included in the taxable schedule is not less than ₹ 5000 and if the annual turnover of purchase and sales of all the goods is not less than ₹ 1,00,000 (one lakh) is supposed to be registered with the local civic body i.e. municipality.
The payment of the property tax is usually made before mid-October. The tax notice is drawn up in the name of the owner who is the only person liable for the property tax. The precise deadline for paying it varies depending on the method of payment chosen. Exemption from property tax. In certain situations the property tax allows exemptions.
The Nagpur Municipal Committee was established in 1864. The Civil Station Sub-Committee was established in 1884. In 1928, the Municipal Committee passed a resolution for creating an "Improvement Trust" for Nagpur which was established in 1937 under the Nagpur Improvement Trust Act, 1936. NIT began functioning in 1937 and has collateral ...
The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year.
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
The Nagpur Metropolitan Region Development Authority (NMRDA) is the urban planning agency of Nagpur in the Indian state of Maharashtra. The NMRDA administers the Nagpur Metropolitan Region, spread over an area of 3,567.37 km 2 (1,377.37 sq mi).
A property tax (or millage tax) is an ad valorem tax levy on the value of a property that the owner of the property is required to pay to a government in which the property is situated. Multiple jurisdictions may tax the same property.