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        Anyone who owns any kind of property in India must be aware of the term ‘property tax’. It is a recurring charge that the owner pays every year, annually or semi-annually, to the local government or the municipal corporation of his/her locality.Property here refers to all tangible real estate, including houses, office buildings, shops, premises rented to third parties, land, etc.The annual tax paid on them is a major source of revenue for the local authorities for maintenance of civic amenities of the area like roads, sewage system, lighting, parks, and other infrastructure facilities.Though property tax is such an inherent part of real estate ownership, very few actually know how the exact tax amount is calculated.Here’s a small guide to help you:Before talking about calculations, a few things must always be kept in mind about property tax. First, the onus of paying property tax always lies with the owner, and not with the occupant of … [Read more...] about How property tax is calculated in India

Digha (WB): West Bengal Chief Minister Mamata Banerjee on Thursday claimed that industrialists in the country are wary of paying "CBI taxes", in addition to the regular levies. Banerjee went on to clarify that by "CBI tax", she meant clearances from the central investigating agency. Speaking at the concluding session of the 'Bengal Business Conclave' here, the chief minister also urged businessmen to invest in the state, where there is "no mental tension". "... I have learnt from my industry friends that they face a host of problems; you have to give so many taxes...income tax, customs, CBI tax. Everybody is scared of doing business," she said. "There is a lot of mental tension. And if this continues, how will be they do business," the CM added. Banerjee assured corporates of complete cooperation from the state government as far as ease of doing business in the state is concerned. "I want my farmers, the industrialists and locals to live peacefully... In Bengal, we can assure you that … [Read more...] about ‘Income Tax, Customs, CBI Tax…’ Mamata Banerjee Says Industrialists in India Scared of Doing Business

It is high time to have an All India Judicial Service on the patterns of central civil services such as IAS and IPS to rope in talent in the judiciary, Law Minister Ravi Shankar Prasad said in the Rajya Sabha on Thursday. Prasad said the exam for the judicial services can be conducted "at the national level, something like the UPSC (and) obviously under the Supreme Court's control, where we can induct the best talent." "As India has IAS, IPS, Indian Revenue Service (IRS) it is high time we must have a proper All India Judicial Service conducted at the national level," Prasad said in the Upper House during the Question Hour. This is needed to utilise and bring talent in the judiciary, the law minister said while replying to a supplementary. Prasad said that "as far as emphasis on more induction of talent is concerned, we are proposing to have an All India Judicial Service". Besides all-India postings, the jobs can have the provision of reservation for those from the scheduled castes … [Read more...] about High time to have All India Judicial service: Law Minister Ravi Shankar Prasad

The global rating agencies S&P and Moody's have downgraded the credit ratings for several government-related entities in Dubai on fears about the government's failure to provide timely financial support to them.Standard & Poor's Ratings Services and Moody's have downgraded the government entities after the oil-rich city-state government said it aims to restructure the existing debt of Dubai World, its largest and most diversified investment vehicle, and real estate developer Nakheel. S&P has downgraded the ratings for five Dubai government related entities--DIFC Investments, DP World, Jebel Ali Free Zone (FZE), Dubai Holding Commercial Operations Group LLC (DHCOG),and Emaar Properties PJSC. Moody's Investors Service also downgraded a total of six government-related issuers and left them on review for further possible downgrade. Apart from five entities downgraded by S&P, the one additional entity whose rating has been downgraded by Moody's is Dubai Electricity & … [Read more...] about S&P, Moody’s downgrade 5 Dubai govt entities

New Delhi: Bharti Airtel CEO, India South Asia, Gopal Vittal on Thursday said the telecom sector in the country was in a “broken situation and needed to be fixed ”. Speaking at the ET 5G Congress 2019, Vittal highlighted that Rs 35,000 crore stuck on input credit was severely constraining the capacity of the industry and called for reforms to enable the sector to revive and invest in 5G technology. “There are a few key enablers that will make it happen,” Vittal said, elaborating that the cost of doing business must go down. “The spectrum usage charge (SUC), the taxes levied, the litigation that the industry is subjected to, the USO fund about wherein Rs 50,000 crore is sitting with the government or indeed the Rs 35,000 crore of money that is stuck on input credit on GST,” he explained. The second, measure Vittal said, was improving on the “ease of doing business”. “We are still subjected to a myriad level of approvals”, … [Read more...] about Telecom industry is broken, needs to be fixed: Airtel CEO