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Archive for June, 2009

Shobha Developers Gets Rs 225 Crore Investment

Thursday, June 18th, 2009

Shobha Developers Bangalore is raising Rs 225 crore from Purna Partners Bangalore, a private equity fund. The investment will be made at the Special Purpose Vehicle (SPV) level.

The raised fund will be used towards development of projects in Bangalore and other cities. For this purpose company will identify certain land parcels in Bangalore and other cities for development of residential and commercial projects. It will also undertake mixed development projects in Bangalore and other cities.

Shobha developers will execute the project as the principal contractor and each of projects will be valued separately. The company has also informed that they have received Rs 25 core from the private equity fund. Shobha will be shareholder along with Purna partners and other investors. The number of project will be decided by the investors.

Shobha developers are also looking to raise Rs 1000 crores through Qualified Institutional Placement (QIPs). The company’s board has also called an extra ordinary general meeting to increase share capital of company up to Rs 1500 crores. It is also considering increasing the limit of Foreign Institutional Investors (FII) in equity shares up to 100% of the share capital of company.

The company is also looking to at raising money by diluting stakes in its non-core assets or non-realty business. The fund raised will be used primarily to pay its debts and to fund it realty projects. The realtor is also looking to raise fund by selling 200 acres from its 3000 acres land bank.

Reference:

Related Keywords:

Sobha Developers, Sobha Developers Bangalore, Shoba Developers, Shobha Developers

Marginal increase in Income tax exemption is expected

Thursday, June 18th, 2009

According to sources in finance minister, the center is likely increase income tax exemption limit in forthcoming general budget. Government is considering a proposal to hike income tax exemption limit to boost demand and rebuild the slowdown-hit housing industry.

At present tax payers are eligible for exemption of income tax on interest rate paid up to Rs 1.5 lakh every year and it is likely to increase to Rs 2.5 lakh a year. If the proposal is accepted, tax payers will save up to Rs 31,000 a year from income tax exemption this will make purchasing home more affordable. However, tax payers can get this benefit only after construction of house is completed.

While acknowledging the fact that a “marginal” hike in the income-tax exemption limit will lead to some revenue loss, the Tax Research Cell (TRC) believes that the very injection of a “feel good” factor into the economy will have a positive spiraling effect on the “demand dynamism.”

Reference

www.deccanherald.com

State Government Considering Penalties under Akrama-Sakrama Scheme

Wednesday, June 17th, 2009

State government is planning for penalties under Akrama-Sakrama scheme. Bangalore district in-charge minister R Ashoka told the reported decision is discussion stage and a meeting with BBMP and BDA official is needed before final decision. He also said, implementation of scheme is not related to BBMP polls. The government constituted a cabinet sub-committee headed by minister Ashoka to chalk out a scheme for regularization of property.

The penalties would be imposed on

  1. Violation of Floor Area Ratio (FAR),
  2. Buildings on civics amenity sites and
  3. Bye-law or plan violation

Reference:

3 penalties under property regularization

Property Tax Payers List Published By BBMP

Tuesday, June 16th, 2009

BBMP has released the list of owners who have paid their property tax 2008-09. You can check the details of your property tax paid and if you find any discrepancy, you can report BBMP online.

BBMP is updating list of property owners who paid property tax 2008-09.The property has been indexed Assistant Revenue Officer (ARO) wise, Ward wise and Street wise. This enables property owners to check the tax payment details easily.

Checking  tax payment details

  • Click on “Property tax paid by tax payers for 2008-09” to check your payment details.
  • This will lead you to guidelines to use the site for checking your payment details. Click “Next” and again click “continue” to proceed further.

  • On next page you can see two link one for property tax payers who filed return and other for tax payers who have not filed return. Click on the property tax payers who filed return.

  • You can see list of ARO, select the ARO which is applicable for you, then your ward and street. After selecting your ARO, ward and street click on “Report” to view the details.

  • This will generate list of tax payers in your locality or area. To view the details of return filed click on green link “Click” This will ask you to feed cheque/DD/ pay order number to view the details. Enter your cheque or DD number to view the details of payment.

  • If the details found have any error or discrepancy in the report, you can report the same to BBMP online. To report discrepancy click on blue linkClick”. Enter the details of payment such as cheque or DD number, amount paid, Name and branch of bank and feed back or remarks. On remarks/feedback column you can briefly explain the discrepancy details. Click “Send” to send the discrepancy details.



If your property details is not found in list

Don’t get panic if your name is not in the list of property tax payers list even though you have paid property tax in time. BBMP is been entering the data of property tax payers, you can report your details to BBMP showing that you have paid property tax. You need to follow these simple steps to report BBMP.

  • When you visit BBMP website and entered the details of ARO, ward and street, report will generated showing the list of data available of property tax payers.

  • In the bottom of the page you can see a link “If your property is not found in the list Click here to give Details”. Click on the link to give to your details.

  • You will get a page to enter the details. You need to enter your application number, details of cheque or DD such as Name and branch of bank, cheque number, Amount paid. You need to select the help center name from the list. Enter remarks for the same.

Report Discrepancy

  • Green Link: Green link enables property owners to view the details of property tax return filed. To view detail you need to enter you cheque/DD/pay order number and click continue to view details.

  • Blue Link: If there is any discrepancy in the details entered by BBMP, property owners can report the same to BBMP in online. This link can also be used by tax payers to give feed back or suggestion to BBMP.

  • Brown Link: If a tax payer does not find his return entered, he can use this link to report the same to BBMP. Now Bangalore citizen can also provide information of Evasion of property tax. To provide information on evasion of property tax, citizen can application number of property owner and give brief description about evasion of property tax and BBMP will verify the same. Brown link is at the bottom of page where list of property tax payers are listed ARO, ward and street wise.

Pay your property tax for 2008-09 on or before June 30 and remember now citizen can inform the tax evaders in just a single click. Brown link helps BBMP to get evasion of tax and any complaints. Make prompt payment of your property tax and save from penalty.

Links to Refer:

BBMP Property tax system (property tax 2008-09)

BBMP-Bangalore

Online System for Paying Property Tax 2009-10

Monday, June 15th, 2009

Property owners in Bangalore will experience new method of paying property tax from this July. Online system enables property owners to pay their property tax online using their Visa/Master card without any extra charge on their card. From this July onwards you no need to stand in queue or wait for assistance at help center.

The meeting held between BBMP and revenue officers for discussing the action plan for 2009-10 come up with decision to go online. A training session is also planned to organize before July 1 or before system becomes operational in full capacity. BBMP hopes to redress tax issues of current block period. Some corrective measures by adopting online system are reducing manual process, accepting only completely filled forms and an opportunity to make prompt payment of property tax by the owners outside the city.

If you want to pay your property tax by cheque, you can fill up the form online and download them to submit at respective help center. There will be two forms available online.

  1. Form IV for property where there is no change in built-up area or property usage
  2. Form V for the property with changes in these parameters.

Paying property tax online

  • Login to BBMP website www.bmpoline.org and enter your application number in the box to get access to details of previous tax paid.
  • Fill up the mandatory field and details of tax calculated. To pay property tax you can either pay online using Visa/ Master card or download the filled up form to pay by cheque.
  • To pay online enter the details of card and submit it. Download the acknowledgment receipt on submission. BBMP will send the hard copy of the same.
  • To pay by cheque, submit the cheque at respective help center along with downloaded filled up form.

From the beginning of July, you need not require to stand in queue or run towards help center for paying property tax. You can pay your property tax using your Visa/ Master card. National Informatics Center and IDBI bank has agreed to provide the `payment gateway‘ free of any extra charge on the card user. Pay your property tax online and remember to download the acknowledgement receipt after submission.

Links to Refer:
Pay your property tax online

www.bmpoline.org

E-Stamp for Property Registration

Monday, June 15th, 2009

The Stamp and Registration Department will catch up and implement e-stamp project for registration of property. From this August onwards, you will not have to stand in long queue at sub registrar’s office or in bank to purchase stamp papers.

E-stamping is computer based application which enables you to pay for stamp duty using electronic device. It is safe, secure and easy process of paying stamp duty when comparing to traditional stamp duty payment. In short, “e-Stamp” means an electronically generated impression on paper to denote the payment of Stamp duty, by Central Record Keeping Agency or ASC.

At present government has authorized national banks to sell stamp paper and these bank will continue issuing stamp paper but not under e-stamping system. Government will take decision on whether to with draw the service or not depending on success of e-stamp paper. The system was launched with association of Stock Holding Corporation of India Ltd (SHCIL).

In future, payment of stamp duty will be collected by Authorized collection Centre (ACC) or Authorized Stamping Center (ASC). The ASC official will feed details of transaction after collecting stamp duty and will generate a stamp duty paid certificate. This will not take more than five minutes. The revenue department has framed separate rule under Karnataka Stamp Act for implementing e-stamping system The Karnataka Stamp (Payment of Duty by Means of e-stamping) Rules, 2009.

E-stamp certificate is temper proof with security features such as 2-dimensional barcode, watermark and micro-digiting. The agents have to register with SCHIL and need equipments such as computer with internet, printer and other related infrastructure. Agents could be post office, banks or charted accountant and they will get 0.15% from SCHIL on each transaction. E-stamping was launched by the state government in 2008 with a pilot at Gandhinagar sub-registrar office which spread to other four SR offices.

Applicants for e-stamp duty need to pay ASC official for stamp duty and they will feed the details or information provided by applicant and downloads the e-certificate. The print out of same is taken and sign with date and official seal. Non-washable permanent black ink is to be used by official to sign. Applicant can go to sub-registrar office with the certificate.

Links to Refer

Home Loans and Retail Loan Becomes Cheaper with Cut down in Interest Rate

Saturday, June 13th, 2009

Union Finance minister exhorted public sector banks to cut down interest rate for home loan, retail loans and industrial lending to boost the economy.

If public sector cut interest rate, loans and industrial lending may become cheaper. SBI chairman after meeting with government told the news and media that bank would take decision on government suggestion by the end of the month. If SBI country’s largest bank takes step to reduce other public sector banks will also follow suit. Canara bank and Corporation bank echoed the statement of finance minister.

Current loan rate for home loan range from 8 to 9 percent up to Rs 20lakhs, Loan rate for car loan range from 10 to 11.5 percent and public sector charge 12 to 13 percent on industrial borrowing. Bank charges lesser interest rate depending on borrowers’ credit worthiness.

Prime Lending Rate (PLR) stands in the range of 12 to 13.25%. If bank brings down the rate by 50 basis points, lending rate of all sort of borrowing will come down by 0.5%.The second largest PSU, PNB however said the current rate they offer is lowest in the market. Analyst feel there is space for commercial banks to reduce the lending rates in the range of 50 and 75 basis points.

If the banks cut down their interest rate, home loan and retail loans will become cheaper. Analyst says bank will soften lending rate further, resulting cheaper loans and industrial lending.

Links to Refer

www.deccanherald.com

www.thehindubusinessline.com

Pay Your Property Tax or Pay Double

Friday, June 12th, 2009

School admissions, reopening of school, school fees, paying property tax, filing returns…etc makes citizen busy in this June. Government has changed the last date for paying property tax for 2009-10 from June 30 to July 30. This gives relief to tax payers and advantage of tax rebate can be enjoyed by making prompt payment on or before July 30.

BBMP gets more time to examine the details of defaulters and advise them for paying property tax in time. This will enables property owners to avoid paying penalty or double amount. Property owners who has paid wrong tax amount can file returns without penalty on or before June 30, 2009. After June 30, BBMP will issue notice to defaulters of property tax 2008-09 and the tax has to be paid within 15 days from the receipt of notice. If property tax is not paid within 15 days, a distress warrant will be issued to attach movable properties in the house towards property tax payment.

Pay your 2nd installment for property tax 2008-09 on or before June 30 and avoid paying penalty. If you made any default in 1st installment, you will have to pay 2% interest per month.

Three factors considered by Government to change the deadline

In June property owners may find difficult to make prompt payment because of school admissions and paying school fees for the month. Also they won’t be able to get benefit of 5% rebate if they pay in July.
Second factor is that BBMP has more time to examine the list of defaulters and advise them in right time.
Finally, property owners who has paid wrong tax amount can file returns without penalty.

Online helpline against tax evaders

BBMP has come up with online helpline for people who are willing to partner against tax evaders. A brown link enables people to submit details of tax evaders. The service is available in BBMP’s official website http://www.bmponline.org/. The page contains details of Assistant Revenue Officer (ARO), Ward name and Street name. Once these are selected, click on report to see the details of property. Brown Link helps citizen to provide information of defaulters and will not enclose senders’ details. Senders’ detail will be kept confidential.

Revised tax calendar

  • June 30:

Last date for paying 2nd installment of property tax 2008-09
2% interest for each month if any default in first installment of property tax 2008-09
File returns for wrong amount paid by property owner without penalty.

  • July 30:

Last date for first installment of property tax for period 2009-10
Last date to avail rebate for tax paid full 2009-10

  • August 30:

Last date for whole period or paying property tax 2009-10 without penal 2% interest per month.
Links To Refer

http://www.bmponline.org/

Documents required for property Registration

karnataka-property-tax-2009

timesofindia.indiatimes.com

Proposal to Restore the Rate of Service Tax

Thursday, June 11th, 2009

Earlier  government has reduced the service tax to 10% from 12% . The government is now considering a proposal to restore the service tax to its earlier rate of 12%. In the third stimulus package announced in February, government has reduced service tax to 10%. The option for withdrawing the service tax cut is on the account of increase in government expenditure and an attempt to boost the economy.

Final decision would be taken by Finance minister in consultation with planning commission and Prime minister’s office (PMO). Service tax collection estimates to be collected around 60,000 crore, registering a growth of 18% even though collection in indirect tax declined due to the downturn.

There is another option to boost service tax collection by including segments like education, legal and medical service but finance minister would have to build political consequence. These sectors are sensitive in social sector point of view and taxing them could invite more oppose.

Links to refer:

http://economictimes.indiatimes.com/News/Economy

SBI Life tie up with Syndicate Bank Home Loan

Wednesday, June 10th, 2009

SBI life insurance ties up with syndicate bank offering its customers insurance cover on the home loan. This scheme can be enjoyed by the borrowers of syndicate bank home loan who has availed loan under special scheme announced by the Indian Bankers Association and government of India.

The scheme would be effective up to end of this June. The insurance covered is not home but for home loan which will cover borrowers’ family from the outstanding loan. The insurance cover for home loan ensures retention of property in case of unforeseen incident.

The housing loan cover, premium which does not charge any documentation charge from the borrower and premium of which will be borne by bank. SBI life insurance is joint venture of BNP Paribas and SBI.

SBI life insurance MD and CEO, U S Roy said that tie up with syndicate bank would further enhance accessibility of home loan protection products covering the family of borrows and ensures retention of property.

Links to Refer

www.expressestates.in

Easy personal loan