MCD allows quarterly property tax payment

Published on by 7bighagroup

Those who missed the June 30 deadline to pay property tax can now pay it on a quarterly basis and the interest on it will be charged on the actual period of delay and not for the entire year.

So, those who didn’t pay the tax till June 30, can now pay it by September 30 while an interest of 1% per month will be charged on the amount due for the quarter. For example, if the property tax till June 30 for a year is Rs 400, then one will have to pay Rs 100 every quarter.

If the tax is paid in July then an interest of 1% will be charged and the person will have to pay Rs 101 as property tax. Every month 1% interest will be added to the unpaid amount. The last dates for depositing taxes on quarterly basis are: June 30, September 30, December 31 and March 31.

MCD officials say it is important to clarify that interest is charged on the amount due for the quarter and not on the entire year. “A lot of people are not aware about the property tax policy. They often calculate the penalty interest for the year. If a person has to pay Rs 1 lakh as property tax, then he can pay Rs 25,000 in the first quarter and rest of the amount in the subsequent quarters. The interest in case of delay will be charged on Rs 25,000 per month and not on 1 lakh in the first quarter,” said an MCD official. allows Property listings all across the India. Just register YourSelf and List Properties all Across the India Absolutely Free and Recieve Genuine Clients for Your Property.

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