The Hindu : Karnataka / Bangalore News : CVS booklet after April 2

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Friday, Mar 28, 2008
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Karnataka

Karnataka - Bangalore

CVS booklet after April 2

Staff Reporter

Bangalore: The Bruhat Bangalore Mahanagara Palike on Thursday announced that it would introduce the Capital Value System (CVS) for assessing the property tax by taking all precautions to ensure that the new system would be beneficial to everyone.

In a statement issued here, the Bruhat Bangalore Mahanagara Palike said that the Governor had asked it to implement the CVS in a manner which would benefit all tax payers and it was for this reason the payment deadline had been extended till July 31.

The Bruhat Bangalore Mahanagara Palike had announced that it would release the booklet containing the details of CVS after April 2 and requested the people to study the new system through the information to be provided in the booklet.

No need to hurry

The BBMP said the property owners need not hurry to pay tax as they have time till July 31 to pay the tax.

While reacting to the demand of the Federation of Karnataka Chamber of Commerce and Industries and various resident welfare associations to withhold the CVS, the BBMP has made it clear that implementation of new system had been mandated by the law.

The BBMP said the present system based on Annual Rental Value would cease to exist from April 1.

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Karnataka