Tag: tax

PSAJK Urges Admin to Exempt Schools from Property Tax

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Says Schools already under financial stress due to situation during past 3 years; Any new tax will derail upgradation of schools under NEP, burden parents
Srinagar, Feb 28 (GNS): Private Schools Association of Jammu and Kashmir (PSAJK) has urged the LG led administration to exempt educational institutes from the ambit of property tax.
In a statement issued to GNS, the Association said that the schools have suffered a lot during the last few years and this has plunged the majority of educational institutes into a financially precarious situation. “Our schools are under huge debt. The inflation has broken the back of our institutes. We cannot go for a major fee hike as we have to consider the financial situation of the parents too. In such conditions when our hands are tied, the imposition of property tax will further burden us”, reads the statement.
The Association said that the imposition of any tax ultimately has to be borne by the end consumer and in case of schools it is the parents. “There are two ways where schools can absorb the shock of any more taxes. In the first case the parents have to bear the burden as the tax component will directly reflect in the fee of children. Secondly if parents are not in a position to pay more, then the school will have to go for cost cutting exercise. Schools will downsize or remove facilities aiming to provide quality education to children,” the spokesperson said. “In all cases it is the society that will suffer.”
The Association said that under the New Education Policy (NEP) schools have to upgrade their facilities. “We have to meet the standards of NEP and for that we need to upgrade. But when we are financially unstable how can we provide quality education to children,” said the Spokesperson.
The Association appealed to the government to reconsider their decision to impose property tax on educational institutes keeping in view its impact on the schools and parents. (GNS)
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#PSAJK #Urges #Admin #Exempt #Schools #Property #Tax

( With inputs from : thegnskashmir.com )

February 28, 2023
Tax Deduction in Salary: Your February and March salary can be

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March 31 is near, only one month is left. In such a situation, some people are going to get a shock in the salary of February and March. Actually, if income tax is made on you in the financial year 2022-23, then your company can deduct it from the salary of February and March.
If your salary for February and March also gets deducted, then understand that the company has equalized the tax calculation on the basis of income tax rules. But if you do not come under the income tax net, and yet the tax has been deducted, then what is the option? Today we explain you the easy way. First of all, the employee has to give information about his investment i.e.
Investment Proof and HRA details to his company. Most of the companies ask their employees to submit Investment Proof Submission from the end of January to February. So that it can be submitted to the Income Tax Department after verification.
At the same time, most people in the country take steps to save tax in the last three months i.e. January, February and March. Especially by investing, people try to free themselves from tax liability. If your organization also had the last date for submission of investment proof till February, then what option is left now? You will also have this question in your mind. Now the last date for investment to save tax is March 31, then companies take the details so early, then how can they invest till March 31 and take advantage of income tax exemption.

Actually, according to the Income Tax rules, if you have submitted the Investment Proof for the financial year 2022-23 to your organization where you work, then there is nothing to panic. You can take advantage of tax exemption by investing till March 31. There are very easy ways for this.
Mention the investment till March 31 in ITR
According to the rule, if you want to take advantage of income tax exemption for the financial year 2022-23, then you can take advantage of it by investing till March 31 without worrying. Even if you have submitted investment proof and HRA documents related to income tax where you work. You can avail full exemption by investing till 31st March and filing ITR before 31st July. In which you can submit all investment documents including HRA, which is valid under income tax rules.
That is, being tension free, you can claim life insurance, PPF, NPS and medical insurance by 31st March, filing ITR on the basis of this document by 31st July. Not only this, if your salary is deducted due to tax in the months of February and March, then that amount will also be returned as soon as you claim it. Always consider March 31 as the deadline.
How to save tax money?
By investing under Section 80C of the Income Tax Act, you can deduct up to Rs 1,50,000 from your taxable income. These include amounts such as premium paid for life insurance policies, children’s school tuition fees, PPF, KVP, Sukanya Samriddhi Yojana, principal amount paid under the head of NSC home loan. Apart from this, by investing in NPS, you can get an additional benefit of 50 thousand rupees. Also, by purchasing medical insurance, you can take advantage of tax exemption.
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#Tax #Deduction #Salary #February #March #salary
( With inputs from : kashmirpublication.in )

February 27, 2023
No property tax on 40% of J&K population; remaining to pay

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Amount fixed on J&K UT one tenth of Shimla, Ambala, Dehradun; Shopkeepers too to pay nominal tax annually; J&K people must come forward to build better UT
Jammu and Kashmir Lieutenant Governor Manoj Sinha said that 40 per cent of the J&K population will have to pay no property tax and the remaining 60 per cent have to pay nominal amount between Rs 600 to Rs 1000 maximum amount per annum. He said that tax amount fixed is one-tenth of the tax being paid by Shimla, Ambala and Dehradun.
Talking to reporters on the sidelines of a function at SKICC here, the LG as per news agency—Kashmir News Observer (KNO), said in J&K, 2, 0, 3,680 households are less than 1500 Sq feet.
“Fourty per cent people won’t have to pay the tax. Eighty percent of the 2,0,3680 households will have to pay nominal amount of Rs 600 only while rest will have to pay a nominal amount of Rs 1000 as property tax per annum. This amount is one-tenth of the tax amount being paid by Shimla, Ambala and Dehradun,” the LG Sinha said.
About the commercial including shops, the LG said that 1,01000 shops are in J&K of which 42 per cent shops are less than 100 sq feet. “These shops will have to pay less than Rs 700 per anum. 76 per cent of the total shops of 1,1000 shops will have to pay very minimum amount as the property tax,” he said, adding that the amount collected will directly go into the accounts of Municipal Corporations and utilized for the development of the areas where tax will be collected.
“I urge the common people of J&K to come forward and help build a better J&K,” the LG said.
Pertinently, the J&K government announced imposition of property tax in the UT from April 1. The move evoked sharp criticism from the cross section of the society and the political parties, who demanded immediate rollback of the order.
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#property #tax #population #remaining #pay

( With inputs from : kashmirpublication.in )

February 27, 2023
40 per cent of J&K population to pay no tax; remaining to pay Rs 600 to Rs 1000 maximum annually, says LG Manoj Sinha

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Srinagar, Feb 27: Jammu and Kashmir Lieutenant Governor Manoj Sinha said that 40 per cent of the J&K population will have to pay no property tax and the remaining 60 per cent have to pay nominal amount between Rs 600 to Rs 1000 maximum amount per annum. He said that tax amount fixed is one-tenth of the tax being paid by Shimla, Ambala and Dehradun.
Talking to reporters on the sidelines of a function at SKICC here, the LG as per news agency—Kashmir News Observer (KNO), said in J&K, 2, 0, 3,680 households are less than 1500 Sq feet.
“Fourty per cent people won’t have to pay the tax. Eighty percent of the 2,0,3680 households will have to pay nominal amount of Rs 600 only while rest will have to pay a nominal amount of Rs 1000 as property tax per annum. This amount is one-tenth of the tax amount being paid by Shimla, Ambala and Dehradun,” the LG Sinha said.
About the commercial including shops, the LG said that 1,01000 shops are in J&K of which 42 per cent shops are less than 100 sq feet. “These shops will have to pay less than Rs 700 per anum. 76 per cent of the total shops of 1,1000 shops will have to pay very minimum amount as the property tax,” he said, adding that the amount collected will directly go into the accounts of Municipal Corporations and utilized for the development of the areas where tax will be collected.
“I urge the common people of J&K to come forward and help build a better J&K,” the LG said.
Pertinently, the J&K government announced imposition of property tax in the UT from April 1. The move evoked sharp criticism from the cross section of the society and the political parties, who demanded immediate rollback of the order.
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#cent #population #pay #tax #remaining #pay #maximum #annually #Manoj #Sinha

( With inputs from : roshankashmir.net )

February 27, 2023
40 Percent Of J&K Population To Pay No Tax: LG

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SRINAGAR: Jammu and Kashmir Lieutenant Governor Manoj Sinha on Monday said that 40 percent of the J&K population will have to pay no property tax and the remaining 60 per cent have to pay nominal amount between Rs 600 to Rs 1000 maximum amount per annum. He said that tax amount fixed is one-tenth of the tax being paid by Shimla, Ambala and Dehradun.
Talking to reporters on the sidelines of a function at SKICC, LG Manoj Sinha said that in J&K 203,680 households are less than 1500 Sq feet.
“Forty percent people won’t have to pay the tax. Eighty percent of the 2,0,3680 households will have to pay nominal amount of Rs 600 only while rest will have to pay a nominal amount of Rs 1000 as property tax per annum. This amount is one-tenth of the tax amount being paid by Shimla, Ambala and Dehradun,” LG Sinha said.
About the commercial including shops, the LG said that 1,01000 shops are in J&K of which 42 per cent shops are less than 100 sq feet. “These shops will have to pay less than Rs 700 per annum. 76 per cent of the total shops of 11000 shops will have to pay very minimum amount as the property tax,” he said, adding that the amount collected will directly go into the accounts of Municipal Corporations and utilized for the development of the areas where tax will be collected.
“I urge the common people of J&K to come forward and help build a better J&K,” the LG said.
Pertinently, the J&K government announced imposition of property tax in the UT from April 1. The move evoked sharp criticism from the cross section of the society and the political parties, who demanded immediate rollback of the order. (KNO)

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#Percent #Population #Pay #Tax

( With inputs from : kashmirlife.net )

February 27, 2023
Cash Transactions Notice: Big news! Income tax notice will come

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New Cash Transaction Rule: The Income Tax Department has become very cautious about cash transactions these days.
In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it.
Now these investment and lending institutions allow cash transactions only up to a certain limit. The Income Tax Department can send a notice if there is even a slight violation.
There are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they will have to inform the Income Tax Department. Let us know about 5 such transactions, which can land you in trouble.
Bank Fixed Deposit (FD)
Cash deposit in bank FD should not exceed Rs 10 lakh. The Central Board of Direct Taxes (CBDT) has announced that banks will have to disclose whether individual deposits in one or more fixed deposits exceed the prescribed limit.

Bank savings account deposit

The limit for cash deposit in a bank account is ₹10 lakh. If a savings account holder deposits more than ₹10 lakh during a financial year, the Income Tax Department can send an Income Tax notice. Meanwhile, cash deposits and withdrawals in a bank account that cross the limit of ₹10 lakh in a financial year must be disclosed to the tax authorities. In current accounts, the cap is ₹50 lakh.
Credit card bill payment
As per CBDT rules, payments of Rs 1 lakh or more in cash in lieu of credit card bills should be reported to the Income Tax Department. Additionally, if ₹10 lakh or more is paid in a financial year to settle credit card bills, the payment should be disclosed to the tax department.
Sale or purchase of real estate
The property registrar will have to disclose to the tax authorities any investment or sale of immovable property for an amount of ₹30 lakh or more. Therefore, in the purchase or sale of any real estate property, taxpayers are advised to report their cash transactions in Form 26AS as the Registrar of Property will definitely report about the same.
Investment in Shares, Mutual Funds, Debentures and Bonds
Investors investing in mutual funds, stocks, bonds or debentures should ensure that their cash transactions in these investments do not exceed ₹10 lakh in a financial year.
The Income Tax Department has prepared the Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers. The tax authorities would collect details of abnormally high value transactions in a particular financial year on this basis.
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#Cash #Transactions #Notice #Big #news #Income #tax #notice
( With inputs from : kashmirpublication.in )

February 26, 2023
Nothing Short Of Complete Withdrawal Of Property Tax Acceptable: Sadhotra

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SRINAGAR: Former minister and senior National Conference leader, Ajay Kumar Sadhotra, has stated that the people of Jammu and Kashmir will not accept anything less than a complete withdrawal of property tax. Sadhotra today wondered over the parallels being drawn by the government between Jammu and Kashmir and other states of the country in a bid to justify its anti-people, illogical and authoritarian decision of levying property tax.
“The desperate attempts of launching a propaganda campaign through media and all its administrative apparatus is a candid admission of the government that it is on defensive in the wake of stiff resistance being given by the people to its unwarranted and provocative decisions, one after another “, Mr Sadhotra said in a statement.
He said the government cannot compare J&K with other states in respect of the civic facilities, which are reduced to the extent of filth all over, especially during the past few years. Instead of upgrading these facilities, the people in the urban and semi-urban areas are being punished by way of paying taxes. He referred to the filth and garbage in the Jammu City– the most thronged pilgrim destination in north India and said the conditions are worse in the areas like Bantalab, Muthi, Ploura, Durga Nagar and similar other localities, which stand testimony to the municipal apathy.
“Irony of the non governance is that instead of going for the course correction those holding the constitutional position are mocking the people by provocative gestures like their purchasing capacities”, he said, hoping that bare minimum sensitivity would be shown by responsible people at the helm. Such tantrums are against civility and good human behaviour, the former minister said.
Mr Sadhotra feared that the decision of imposing the property tax would be extended to the rural area once implemented in the urban pockets. The government is testing the public response as well as patience by imposing unjust decisions on them, he said.
Mr Ajay Sadhotra cautioned the double engine governments against taking policy decisions in J&K, which remain the domain of the democratically elected dispensations. Denying democracy to people is hallmark of the BJP model of governance. This might have worked for some time but can’t work all the time keeping in view democratic ethos of the country. He said the National Conference will fight anti people measures democratically, given its track record of fighting the just cause of all segments of J&K.
Mr Sadhotra recalled the waiving of tax on the rental of the properties in Jammu and Kashmir during the NC government, led by Dr Farooq Abdullah as Chief Minister between ¹996 and 2002, saying this is how people’s governments work in the larger public interest. Politically naive and insensitive BJP should learn lessons from the good governance and work for public welfare, he said. “Nothing short of the complete withdrawal of the property tax will be acceptable to people of J&K”, Mr Sadhotra maintained.

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#Short #Complete #Withdrawal #Property #Tax #Acceptable #Sadhotra
( With inputs from : kashmirlife.net )

February 26, 2023
PDP Protests Against Property Tax Imposition

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SRINAGAR: The People’s Democratic Party (PDP) on Saturday staged a protest march calling for the reversal of the Jammu and Kashmir administration’s decision to impose property tax in the Union Territory starting on April 1. The new tax rates will be 5% for residential properties and 6% for commercial properties.
Suhail Bukhari, the PDP’s chief spokesperson, and dozens of party members set out on a protest march from the PDP offices near Sher-e-Kashmir Park. The party activists shouted anti-property tax chants and called for its roll-back.
A police presence near the Traffic Headquarters prevented the protesters from continuing their march into the Lal Chowk city centre. They later turned back and dispersed.
Addressing to reporters, Bukhari claimed that the government was attempting to erode the Jammu and Kashmiri people’s purchasing power.
“First, our political freedoms were taken away; next, democracy was buried here; last, the homes of the poor were destroyed and they were subjected to harassment. The property tax is next. In the previous five years, Jammu and Kashmir’s economic position has gotten worse. The industrial sector here is weak, and there is no employment (creation),” he said.
As per the PDP’s chief spokesperson, the government should have held the people’s hands “but instead the BJP government is seeking to deepen the people’s concerns.”
He urged the government to roll back its decision.

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#PDP #Protests #Property #Tax #Imposition
( With inputs from : kashmirlife.net )

February 25, 2023
Lt Governor’s Statement On Property Tax – Kashmir News

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Jammu, Feb 25: Lieutenant Governor Shri Manoj Sinha said citizens’ welfare is foremost priority of the government and property tax will ensure financial self-sustainability of cities and improvement of public amenities in the Union Territory.
The Lt Governor said: “Our cities must witness rapid development and emerge as engines of growth. For that financial self-sustainability of cities is necessary. Property tax in J&K will be one of the lowest in the country and will be used for improving public amenities in J&K.”
“Implementation shall be done in consultation with general public. Common citizens’ interests will be protected,” he added.(GNS)

Post Views: 535
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#Governors #Statement #Property #Tax #Kashmir #News
( With inputs from : kashmirnews.in )

February 25, 2023
J&k property Tax Calculator : Calculate Property tax using

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J&k property Tax Calculator : Calculate Property tax using calculator.

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J&k property Tax calculator : Calculate Property tax here

Residential Houses/Flats
Sample page
Select Type of Muncipality
Enter Circle Rate per Kanal

(For Example if Circle rate in your area
is 63.5 Lacs
Per Canal,
Just Enter 63.5 not Entire 6350000)
Circle rate is the Minimum rate Fixed by Govt.
Enter builtup Area of Building in SqFT
(If house if multi storyed, please enter sum of
builtup area of all floors)
E.g, if your own a 2 Story house with plinth area of
1000 SqFT , enter 2000
Usage Type
Construction Type
Age of Building
Occupancy

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#property #Tax #Calculator #Calculate #Property #tax
( With inputs from : kashmirpublication.in )

February 25, 2023