Mc Inspecting City Malls For Property Tax, Real Estate News, ET RealEstate

August 30, 2023

LUDHIANA: In a bid to catch tax evaders, the municipal corporation (MC) has started scrutinising property tax returns filed by various malls in the city.

The exercise has been initiated from the zone-D, and the officials also inspected a mall on Ferozepur Road in this regard on Tuesday. Zonal commissioner Jasdev Singh Sekhon said the inspection drive was started on the directions of MC commissioner Sandeep Rishi.

He shared that property tax is filed on self-assessment basis, and tax returns of malls are filed under rental category, for which tax is charged at the rate of 7.5% of the annual rent received from the building.

Sekhon said that managements of most of the malls have been paying the tax on time to avail 10% rebate. The inspections are being conducted to ensure that the tax is being filed in accordance with the regulations.

If any anomalies are found, action will be taken, and up to 100% penalty could be imposed against defaulters, he said.

  • Published On Aug 30, 2023 at 01:00 PM IST

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