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A shift to a unit area self assessment method of property tax collection in Bangalore was successful, leading to a sharp rise in tax collection revenues. [34] Phase one of the reforms starting in 2000 led to a 33 per cent increase in tax revenues, whilst a second phase initiated in 2007 led to a 74 per cent increase the following year.
Selling Property Tax: When selling property in Spain, sellers face obligations related to Plusvalia and Capital Gains Tax. Plusvalia: A council tax which is a tax levied by the local Town Hall, calculated based on the increase in the land's value (known as valor catastral) over the ownership period. Each beneficiary is responsible for paying ...
Bangalore also achieved full computerization of the Indian Passport Distribution process, first in the country. The digital office of the Income Tax Department of India is based in Bangalore. The need for the build of systems to collect and refund taxes for millions of citizens and need for data analytics and AI to prevent fraud meant that ...
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
The Bangalore Metropolitan Region Development Authority (BMRDA), is an autonomous body created by the Government of Karnataka under the BMRDA Act 1985 for the purpose of planning, co-ordinating and supervising the proper and orderly development of the areas within the Bengaluru Metropolitan Region (BMR) which comprises Bengaluru Urban district, Bengaluru Rural district and Ramanagara District.
The Direct Taxes Regional Training Institute was built in Bangalore at Jalahalli. Karnataka Department has a reputation for being one of the best managed income tax forces in the country, and one of largest revenue earning departments.
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 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.