Property Tax Evaders Have to Pay 2% Extra Monthly Interest

The Greater Hyderabad Municipal Corporation is to charge 2% extra monthly interest from property tax evaders. Property tax for two and a half years with retrospective effect is to be collected.

Thus, if a tax payer (who is evading tax) pays Rs 1 lakh (for one year) currently, s/he has to pay an additional amount Rs 2.50 lakh for two and half years retrospectively. Therefore, the total amount to be paid is 3.5 lakh.

Along with this, 2% monthly interest is to be collected on this Rs3.5 lakh.

Also, tax payers who are paying less tax, and evading the right amount of tax are to be penalised.

Source – Deccan Chronicle