News Roundup: Taxes Rate in Delhi
Published on 2025-02-23
Introduction
Below you'll find a curated overview of the latest news about taxes rate in delhi . This post aggregates multiple sources and includes both original and AI-generated images.
Combined Summary
A notable change introduced by the bill is the shift from the ‘Assessment Year’ to the ‘Tax Year’ … however, its [proposed bill] success hinges on smooth implementation and how well taxpayers adapt to the changes.” Gouri Puri, partner at law firm Shardul Amarchand Mangaldas & Co said that the code’s primary aim is not to make policy changes, but to simplify the complex I-T laws. The law aims to repeal redundant provisions of existing act and introduce new features such as provisions for low tax rates for cooperatives, tax on crypto-assets, incentives for start-ups, clarity on non-resident taxation, definition of capital gains, and the concept of a “tax year” to replace the confusing term “assessment year”. “As promised, the new tax law seems to focus primarily on simplification and consolidation such as Introducing the concept of ‘tax year’ in place of ‘assessment year’ in line with international parlance,” she said. Till Dec 2024, MCD collected Rs 2,653 crore in property transfer duty, exceeding the previous year's collection by Rs 548 crore.The advertisement department reported higher earnings in 2024-25, collecting Rs 288 crore till Jan 2025, an increase of Rs 51.6 crore from the previous year. The bill also removes terms such as ‘assessment year’ and ‘previous year’ and replaces them with ‘tax year’ comprising of 12 months from April 1.
Detailed Summaries
1. Modest increase in MCD budget, tax rates remain unchanged
Source: Indiatimes
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Article Summary:
Property tax rates remain unchanged for a second straight year.While property tax revenues till Jan 31 exceeded the previous year's collection by Rs 215 crore, total collection was considerably lower than the target."In 2024-25, MCD estimated a collection of Rs 4,300 crore from property tax, but till Jan 2025, it collected only Rs 1,908 crore. Till Dec 2024, MCD collected Rs 2,653 crore in property transfer duty, exceeding the previous year's collection by Rs 548 crore.The advertisement department reported higher earnings in 2024-25, collecting Rs 288 crore till Jan 2025, an increase of Rs 51.6 crore from the previous year. In 2025-26, the proposed income from property tax is estimated at Rs 4,000 crore," an official said.The commissioner stressed the importance of increased funding from Delhi govt to boost basic services, including sanitation, street management and waterlogging solutions."The liability of Rs 14,119.2 crore includes loan repayment to contractors (Rs 1,079.5 crore), arrears of employees (Rs 2,751.7 crore), loan repayment to Delhi govt (Rs 7,541.1 crore) and internal loans (Rs 2,746.8 crore). A digital property register using GIS mapping will be created for real-time property status monitoring, Kumar said, anticipating a 20% increase in tax collection through these initiatives.Properties in rural areas up to 100 sqm covered area will remain tax-exempt while women, senior citizens, specially-abled and ex-servicemen will continue to get 30% rebate. The administration will maintain the 10% rebate for property tax payments till June 30, along with an additional 10% discount for online payments exceeding Rs 10,000.
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2. MSN
Source: Live Mint
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3. Simple language, ‘tax year’ idea in I-T bill set to be tabled on Thursday
Source: Hindustan Times
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Article Summary:
The law aims to repeal redundant provisions of existing act and introduce new features such as provisions for low tax rates for cooperatives, tax on crypto-assets, incentives for start-ups, clarity on non-resident taxation, definition of capital gains, and the concept of a “tax year” to replace the confusing term “assessment year”. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation.” The people , who asked not to be named, said the new law aims to consolidate and amend the existing Income-Tax Act, 1961. They added that existing exemptions continue, as does the option to remain in old tax regime with a higher tax rate.Finance minister Sitharaman said in an interview with HT on February 2 that there is no plan to do away with the old tax regime. A notable change introduced by the bill is the shift from the ‘Assessment Year’ to the ‘Tax Year’ … however, its [proposed bill] success hinges on smooth implementation and how well taxpayers adapt to the changes.” Gouri Puri, partner at law firm Shardul Amarchand Mangaldas & Co said that the code’s primary aim is not to make policy changes, but to simplify the complex I-T laws. The bill extensively defines virtual digital assets, including crypto-assets for the first time: Any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise and providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and which can be transferred, stored or traded electronically.
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This news roundup was automatically curated and published using AI. Last updated: 2025-02-23