Delhi Residents Get 10% Discount on Property Tax Payments Before June 30
Property tax, rebate, Delhi residents
Property TaxDelhi ResidentsRebateMcdReal EstateReal Estate NewsJun 20, 2024
In collaboration with Resident Welfare Associations (RWAs) and market associations, MCD is organizing camps across various locations. Property owners are encouraged to utilize the online portal, www.mcdonline.nic.in, for their transactions. Additionally, property owners are advised to geo-tag their properties, a step that 30% of taxpayers have already completed.
MCD has implemented multiple payment methods, including UPI, wallets, demand drafts, and online payment gateways, to streamline the process. Advance tentative bills have been dispatched to 8.7 lakh taxpayers who fulfilled their tax obligations last year, providing an estimated amount due for the current year. These taxpayers have also received SMS notifications with links to their receipts.
According to the DMC Act, 2003 (amended), all buildings and vacant land within MCD's jurisdiction are required to pay property tax, which becomes due on April 1 each financial year. For 2024-25, the tax was due on April 1, 2024.
In the previous financial year, MCD saw a significant decline in property tax collection, with a total of Rs 2,137 crore collected, down from Rs 2,417 crore in FY 2022-23. This 11.5% decrease was attributed to the absence of the Samriddhi scheme, which had boosted revenue by Rs 400 crore in FY 2022-23. The number of taxpayers also dropped from 13.29 lakh in 2022-23 to 12.58 lakh in 2023-24.
Information
The Municipal Corporation of Delhi (MCD) is the civic body responsible for the governance of Delhi. Its functions include providing civic amenities, regulating and monitoring urban development, and collecting property taxes.
The Municipal Corporation of Delhi (MCD) is a statutory body established in 1958 under the Delhi Municipal Corporation Act, 1957. Its primary objective is to provide essential civic services to the citizens of Delhi.
Frequently Asked Questions
What is the deadline for property tax payment in Delhi?
The deadline for property tax payment in Delhi is June 30, 2024.
What is the discount offered by MCD on property tax payments?
MCD is offering a 10% rebate on lump sum payments made before the deadline.
How can property owners pay their taxes in Delhi?
Property owners can pay their taxes online through the MCD portal, www.mcdonline.nic.in, or through various other payment methods including UPI, wallets, demand drafts, and online payment gateways.
Why did MCD see a decline in property tax collection in the previous financial year?
The decline in property tax collection was attributed to the absence of the Samriddhi scheme, which had boosted revenue by Rs 400 crore in FY 2022-23.
What is the importance of geo-tagging properties in Delhi?
Geo-tagging properties helps in identifying and tracking properties, which is essential for effective tax collection and urban planning.
Related News Articles
Boosting India's Economy: What the Real Estate Sector Expects from the New Government
With a new government in power, the real estate sector is hopeful for positive reforms that will drive growth and development.
Delta Corp Approves Demerger, Creating New Hospitality and Real Estate Entity
Delta Corp has announced the demerger of its hospitality and real estate divisions, resulting in the formation of a new entity, Delta Penland Private Limited (DPPL). This strategic move aims to streamline operations and unlock shareholder value.
MahaRERA Successfully Recovers Rs 200 Crore for Compensation
In a significant achievement, MahaRERA has managed to recover Rs 200 crore as compensation. The authority has issued 1163 warrants to recover Rs 705.62 crore from 442 projects.
Pune: Experts Emphasize Design-Centric Urban Planning at VK Group Event
At a recent event organized by VK Group, experts in urban planning and real estate development gathered in Pune to discuss the importance of design-centric urban planning for the future of the city.
CCI Approves Ambuja Cements' Acquisition of Orient Cement: A Strategic Move in the Real Estate Sector
The Competition Commission of India (CCI) has approved Ambuja Cements' acquisition of Orient Cement, signaling a significant shift in the real estate and cement industry. This move is expected to consolidate Ambuja Cements' market position and enhance its
Mumbai Metro Line 14: A Leap Forward in Urban Connectivity
Mumbai's urban landscape is set to transform with the construction of the highly anticipated Metro Line 14, expected to commence within the next year. This new line promises to enhance connectivity and ease the daily commute for millions of residents.