20 lakh more estates in property tax net.THE Municipal Corporation of Delhi The Municipal Corporation of Delhi (MCD) is a municipal corporation that governs most of the metropolis of Delhi in India. It is one of three municipal corporations in the National Capital Territory of Delhi, the others being New Delhi Municipal Corporation, and Delhi Cantonment ( MCD MCD Minor Civil Division MCD McDonalds (restaurant) Mcd Macedonian (linguistics) MCD Municipal Corporation of Delhi MCD Magnetic Circular Dichroism MCD Mad Cow Disease ) hopes to fill its coffers by way of increased property tax collection next year. At least 20 lakh lakh Noun (in India) 100 000, esp. referring to this sum of rupees [Hindi lākh] Noun 1. lakh - the cardinal number that is the fifth power of ten 100000, hundred thousand more property will be covered under the tax net. This will help the MCD earn about Rs 1,500 crore n. 1. Ten millions; as, a crore of rupees (which is nearly $5,000,000) s>. Noun 1. crore - the number that is represented as a one followed by 7 zeros; ten million per annum from property tax. At present, only 9.46 lakh people pay property tax in the Capital. " Our main source of revenue is property tax but it was hard to identify all estates liable to pay tax. So, a survey was carried out," a senior tax official said. Sources said such property will also be fined, for they ' evaded' paying tax until they were identified. The MCD earned Rs 1,063.73 crore from property tax in 2008- 09, against the target of Rs 1,462.09 crore. The tax collection till September 31, 2009 was Rs 600 crore. Copyright 2009 India Today Group. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company |
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