Posts Tagged ‘Apartment India’
Tuesday, July 14th, 2009
Bangalore Citizen often confuse with Bangalore One and BBMP One. Earlier Bangalore One used to collect property taxes but in current Year property tax is collected only at BBMP One but people gather at Bangalore One centers to pay their property tax confusing BBMP One and Bangalore One as same.
“Bangalore One” center are run by the e-governance department and provides a host of citizen services from accepting payment of phone bills to booking of tickets. While “BBMP One” is re-christen of BBMP help centers mooted by ABIDe (Agenda for Bengaluru Infrastructure and Development) task force for providing BBMPs civic services.
Earlier Bangalore One used to collect property taxes but in current tax period 2009-10 BBMP has opened its own help center to accept the payment. Bangalore One and BBMP One sounds similar and citizen gather at Bangalore One to pay their property tax and turns irritated when they told they have to go BBMP citizen center to pay property tax for 2009-10.
Last Saturday, people gathered at Bangalore One to pay their property tax 2009-10 and turned irate when they told that they had to pay their tax at Palike Help Center. After this incident, Bangalore One centers posted notice stating property tax has to be paid at Palike Help Center.
BBMP officials admitted that it had caused quite a bit of confusion and the name was given only on ABIDe’s insistence. Now BBMP officials are calling BBMP One as Palike Help Centers or Contact Points to avoid confusion. Bangalore citizen can continue enjoying the service of Bangalore One from accepting payment of phone bills to booking of tickets except payment of property tax. BBMP accepts property tax for 2009-10 at BBMP One and also accept online at BBMP official site.
Links to Reference:
ABIDe Moots BBMP One Centres
Bangalore One- BBMP One Not One
Bangalore One
BBMP
Tags: Apartment, Apartment India, Bangalore, Bangalore East, Bangalore one, bbmp, BBMP One, citizen service center, indian real estate, property, property tax, property tax 2009-10, Real Estate India
Posted in Bangalore | 2 Comments »
Tuesday, June 30th, 2009
Government is considering to re-introduce “Saral” form filing Income Tax return. Saral form was discontinued in 2007-08. If “Saral” form is re-introduced, individuals having only interest income and salary can file the Income Tax returns easily.
Currently tax payers are using ITR-1, ITR-2, ITR-3 and ITR-4 for filing returns. Salaried person or tax payers will have PAN card. PAN card has all details of income stream and tax payer. Saral form will make filing of Income Tax Return simple and easy for individual tax payers.
Under TDS, employer deducts tax from monthly salary of his employee and deposits the same with government. Banks will deduct tax from interest before crediting into the account. The bank will have to deposit the same with government. While depositing the tax, bank and employee must file returns showing the details of tax collected and income of employee. Saral form was discontinued by department, and introduced new series of forms for IT returns.
Form Nos. 16, 16A and 27D have been amended. These amended forms call for some additional information like, ‘TDS Certificate Number’, ‘TDS Unique Transaction Number (UTN)’ and ‘Status of Validation of PAN by Income-tax Department. Unique Transaction Number (UTN) has made mandatory for filing returns. Department has asked assesses to quote the UTN whose tax is deducted at source. Assesses must ensure that the deductor and the collector have provided them with separate UTNs in respect of each TDS and TCS transaction.
Links to refer:
New TDS Provisions applicable from Ist July, 2009
TDS assessees need to quote unique number in I-T return
Tags: Apartment India, Bangalore, filing returns, income, income tax, indian real estate, market trend, online tax, property, Real Estate India, salaried person, saral form, Tax calendar
Posted in Bangalore | 1 Comment »
Monday, June 29th, 2009
In new block period, tax payers will get tax-paid only after the realization of cheque. According to BBMP, cheques submitted by the tax payers in current block period nearly 13,000 cheques had problems. Out of these, 6,000 cheques had no date or even payee name on the cheque. The tax-payers were traced by using contact detail available on the cheque. Out of 8000 cheques received, 4000 cheques are yet to be encashed.
The new block period tax starts from July 1st. Property owner’s can start paying their property tax online from this July 1st. BBMP will introduce system of giving tax-paid receipt only after realization of cheque from new block period. Since many people use tax-paid receipt for rebate on income-tax, BBMP may write to the Income Tax department, asking it to decline exemption to defaulters till their cheques are encashed.
June 30, is last date for filing returns for current block period (2008-09). One day is left to pay the second half year installment without 2% penal interest and last day for filing revised returns. BBMP has also issued a notification to occupiers of tenant property to ensure prompt payment. BBMP is planning to have separate windows for collecting tax and revised returns, anticipating the response in past few days.
Tax Dates
- June 30: Last day for filing property tax 2008-09 and filing revised returns for those tax payers who made mistake in filing the returns.
- July1: Tax payers can start paying property tax for 2009-10 online or at citizen center.
- July 30: Last date to avail 5% rebate for tax paid in full
- August 30: Last date to pay tax for the whole year or the first half-year installment without penalty (at 2% interest per month).
Tags: Apartment, Apartment India, Bangalore, Bangalore East, bbmp, Housing, Housing India, indian real estate, market trend, online tax, property, property tax, Real Estate India, Tax calendar, Tips
Posted in Bangalore | 1 Comment »
Friday, June 26th, 2009
Global slowdown had led all industries to look towards government for help and packages to regain the market situation. Real estate sector is one of the industries which look Union Budget with hopes and expectation. Real estate industry expects some tax concession and packages to boost the industry.
Developers and builders expect reintroduction of section 80-IB (10) of income tax Act. The section was lapsed on March 31, 2007. If the provision reintroduced, builders will be encouraged to build small sized apartments. As per this section there was exemption from income tax on profit made by developers in constructing houses of less than 1000 sqft in Mumbai and Delhi, and less than 1500 sqft in other cities.
There is huge demand for small sized apartment. There is urgent need to boost the industry by restoring fiscal concession or restoration of section 80-IB (10). Developers and builders feel this measure will encourage builders towards construction of small sized housing or apartment and lowering the price of small residential units.
Stable government has played vital role in getting hopes and confidence of property buyers, investors and Realtors. Industry experts feel government is on right track by considering the hiking of income-tax exemption available for interest payment on home loans. Home buyers and investors expect the government will increase the income tax exemption slab for interest payment on home loans from Rs 1.5 lakh to Rs 3 lakh. The Budget should free the rental income yielded by commercial premises from service tax.
Every industry is expecting government for help and stimulus packages to regain the market situation and come out from the current situation. Real estate sector looks union budget as an opportunity where government will offer packages to boost the industry.
Tags: Apartment, Apartment India, Bangalore, Bangalore East, budget, Buying, Housing, Housing Developement, Housing India, Housing Societies, indian real estate, market trend, property, Real Estate India, recession
Posted in Apartment Buying | No Comments »
Wednesday, June 24th, 2009
Karnataka State Pollution Control Board (KSPCB) made it mandatory for large apartments to have Solid Waste Management (SWM) units for getting clearance. KSPCB has forced to make it mandatory due to inefficient waste management of BBMP and BBMP’s empathy towards proper waste management.
Citing the example of Karnataka Golf Association, Bangalore Golf club and Bangalore club, KSPCB said on-site waste management plant will have equipments to manage waste. It is estimated solid waste management plants in Bangalore can handle solid waste of over 3400 tonnes per day but only around 1200 tonnes is reached to the plant, the rest is dumped improperly by roadside, tank beds and empty sites.
The Mandur plant, where the BBMP has leased 135 acres, has a capacity of 1,000 tonnes. However, it receives only 250-300 tonnes per day. The Mavalipura plant also has a 1,000-tonne capacity, but receives just 100 tonnes. However, the Doddaballapura plant, which has a 1,000-tonne capacity doesn’t receive even a single truckload of garbage.
A few builders or developers have already installed this on their premises and effectively managing solid waste generated from their apartments. The organic manure manufactured from unit is collected by farmers and nursery in and around the apartment. Some apartments grow vegetables in apartment using the organic manure from these units.
Solid waste management plant will lessen the burden of BBMP and helps to manage solid waste effectively in the city. KSPCB has made mandatory for large apartments to have their own solid waste management unit for getting clearance from pollution board.
Reference:
Waste Disposal Units A Must In Apartments
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, Bangalore East, bbmp, green building, Housing, Housing India, indian real estate, market trend, property, Real Estate India
Posted in Uncategorized | No Comments »
Monday, June 22nd, 2009
Stamp duty on General Power of Attorney (GPA) based documents has been reduced by state government to 6 per cent. An ordinance promulgated on June 4, Stamp duty for GPA-based document was reduced along with cut down in stamp duty for first sale of apartments.
Union government has asked state government to reduce stamp duty to bring uniformity across the country. The buyers will have to pay stamp duty 6 per cent and 10 per cent cess on stamp duty and depending on the place of transaction additional duty on stamp duty and a surcharge will be imposed. A stamp duty of 6.72 to 6.78 per cent will be levied on transaction which includes surcharge, additional duty and infrastructure cess.
Reduction on stamp duty for GPA-executed sales deed will benefit to property buyers in urban area when comparing with rural area property buyers. Normally transaction of GPA-executed sales deed is found in urban areas such as Bangalore, Mangalore, Mysore and other urban areas. In urban areas GPA executed sales deed could amount 5 per cent of total transaction and it is around 1 per cent in rural areas.
If the transaction is in corporation limit, surcharge and additional duty of 2 per cent on stamp duty will be levied on transaction and the transaction in gram panchayat limit such transaction will levy 3 per cent on stamp duty.
Reference:
Stamp duty cut on sale deed executed by GPA
Knowledge-Articles for residents of apartment
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, bbmp, Buying, Housing, indian real estate, market trend, property, Property Registration, Real Estate India, Stamp duty
Posted in Apartment Buying | 2 Comments »
Saturday, June 20th, 2009
Shobha Developers Bangalore received approval to raise its share capital to Rs 1500 Crore. The company got approval from shareholders at its shareholders meeting hike Foreign Institutional Investors limit to around 100% of company’s equity share capital.
Shobha Developers said that on shareholders meeting company received approval from shareholders to raise Rs 1500 crore from domestic and international market. Company will also hike Foreign Institutional Investors (FII) limit to 100%. The company said in a filing to the Bombay Stock Exchange (BSE).
The company would raise capital to Rs 1500 crore from International market by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through warrants and debentures.
Further, the company will increase the FII investment limit in the company to 100% of the paid-up capital, provided the equity shareholding of each FII shall not exceed 10% of the total paid-up equity share capital of the company.
Reference:
sobha developers gets shareholders nod to raise rs1500 crore
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, capital, Housing Developement, Housing India, indian real estate, market trend, property, Real Estate India, shobha, shobha developers, Tips
Posted in Builder | No Comments »
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
Tags: Apartment, Apartment India, Bangalore, Buying, Housing Developement, Housing India, indian real estate, property, purna partners, Real Estate India, shobha developers, Sobha Developers
Posted in Bangalore, Builder, Housing India | No Comments »
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 link “Click”. 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
Tags: apartment buy-sell, Apartment India, Bangalore, bbmp, indian real estate, market trend, online tax, property, property tax, Real Estate India, Tax calendar, Tips
Posted in Bangalore | 10 Comments »
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
Tags: Apartment, Apartment India, Bangalore, Home loan insurance, Home Loans, Housing India, indian real estate, market trend, property, Real Estate India, recession, Tips
Posted in Loan | No Comments »
