SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Ranchi Municipal Corporation intensifies efforts to recover INR 23 crore in outstanding holding taxes

#Taxation & Finance News#India#Jharkhand#Ranchi
Last Updated : 20th Jan, 2025
Synopsis

The Ranchi Municipal Corporation (RMC) is pursuing 85 property tax defaulters, including Saraswati Shishu Vidya Mandir in Dhurwa, which owes INR 17.03 lakh, to recover INR 23 crore in outstanding holding taxes for FY 2023-24 and 2024-25. With INR 60 crore collected so far against a INR 83 crore target, RMC has issued final warnings, urging payment within seven days to avoid property attachment and account freezes. Over 1,000 notices have been sent, and hoardings promote online payments while warning of legal actions under Section 184 of the Jharkhand Municipal Act. Funds will support civic services like road maintenance and waste management.

The Ranchi Municipal Corporation (RMC) is taking significant measures to collect outstanding holding taxes for the financial years 2023-24 and 2024-25. With the end of the fourth quarter approaching in March, the RMC has found that 85 property owners have not yet paid their dues despite previous notices.


Among the notable defaulters is Saraswati Shishu Vidya Mandir in Dhurwa, which owes a substantial amount of INR 1,703,305. In an effort to encourage compliance, the RMC has published a list of these defaulters and issued a final warning, urging property owners to settle their tax obligations to avoid disruptions to their operations.

Chandradeep Kumar, the assistant administrator of RMC, emphasized the importance of tax compliance for the community. He emphasized the urban civic body's commitment to ensuring that all property owners fulfill their tax obligations. Defaulters have seven days to clear their dues, either through facilitation centers or online platforms. If they fail to comply, strict actions will be taken, including freezing accounts and attaching properties.

For the 2024-25 financial year, the RMC has set an ambitious target of collecting INR 83 crore in holding taxes. So far, the corporation has managed to collect INR 60 crore. To meet its target, RMC has sent notices to over 1,000 property owners, including 100 major defaulters. The corporation has assessed holding taxes for more than 50,000 buildings within its jurisdiction, focusing on properties with long-standing unpaid dues or pending commercial tax evaluations.

In a bid to facilitate payments, the RMC has also installed hoardings across the city promoting online tax payment options. These advertisements not only encourage property owners to pay their dues conveniently but also warn of legal repercussions for non-compliance. According to Kumar, "Failure to comply will lead to serious legal actions, including the issuance of warrants for the attachment and auction of properties, as well as the seizure of financial instruments under Section 184 of the Jharkhand Municipal Act."

The RMC's efforts to recover outstanding taxes are part of a broader strategy to enhance civic services and infrastructure in Ranchi. The funds collected from holding taxes are crucial for financing various municipal projects, including road maintenance, waste management, and public health initiatives. By increasing tax compliance, the RMC aims to improve the overall quality of life for residents.

As the deadline approaches, property owners are urged to take immediate action to avoid legal complications. The RMC is committed to transparency and accountability, ensuring that the funds collected are reinvested into the community for better services and facilities.

Have something to say? Post your comment