Amid COVID-19 pandemic, the deadlines of property tax have been extended
The Coronavirus outbreak has taken up the whole economy, while struggling to combat this disease government has given a relief in property tax deadlines.
In an unprecedented move, the Indian Government is trying to ease the burden of economic hardships. To give relief to the property tax payers during this situation, government had announced the extension of the last date for paying property tax for three months, till June 30.
As per the sources, this will be the first time in the history of tax filing, which would lead to a major change in the structure of the financial year. Many cities and states like Hyderabad, Kolkata, Kolhapur, Nashik, Ludhiana, Chandigarh, and many others have decided to extend the deadline for tax payment by 2-3 months.
Relief for taxpayers
The civic authorities have mentioned that the owners of residential and commercial did not need to panic after three months about payment of pending taxes. They would exempt all of them from paying interest or penalties for delay. Instead, taxpayers would enjoy mandatory rebates even after clearing the backlog.
In a similar move, self- assessment of tax for the coming financial year will be from May 1 to June 30. A rebate of 10% on commercial properties and 20% on residential properties will be done. The Civic body will order in a few days.
It’s a sigh of relief majorly for the developers and homebuyers as they are being exempt from the burden of interests and penalties at certain areas; also due to procedural delays in tax collection in this difficult time.
Due to lockdown, financial turmoil, and the COVID-19 crisis, the civic administration had to take the significant step to provide relief without considering any financial loss. The deadline for property tax has been extended but as per the civic body of respective cities or states.
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