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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 Municipal Commissioner is appointed by Government of Maharashtra under section 54 of Mumbai Municipal Corporation Act, 1888. The Municipal Commissioner is responsible for developing & maintaining civic infrastructure of the city like water supply, roads, storm water, drainage and efficient delivery of various services to the citizens of Mumbai.
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.
India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.
Funding for the services provided varies with the municipality in question. Funding can include tax revenue (property tax, income tax, municipal sales tax), fees (such as building permits), Grants from other Governments, fines such as speeding or parking violations, usage fees for optional services, or other sources such as profits from municipally owned or operated utilities.
The remaining area belongs to Defence, Mumbai Port Trust, Atomic Energy Commission and Borivali National Park, which are out of the jurisdiction of the BMC. [4] Mumbai lies at the mouth of the Ulhas River on the western coast of India, in the coastal region known as the Konkan. It sits on Salsette Island, partially shared with the Thane ...
[16] [17] In one case, a 1992 batch IRS officer was arrested for accepting a bribe of ₹ 2 crore in Mumbai. [18] Recently, in another case, some IRS officials were found to help certain companies evade payment of Service tax and related penalties of the order of ₹ 1 crore. [19]
The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).