OTS Scheme for Property Tax Defaulters in Bengaluru:- Property tax defaulters in Bengaluru are likely to receive significant relief from the state government’s gazette notification, which was published by H S Shivakumar, the undersecretary of the Department of Urban Development on February 15, Thursday.
The decision will benefit several people, including buildings that were exempt from the BBMP’s tax jurisdiction, premises that under-assessed tax in the Self-Assessment Scheme (SAS), and those who had multiple years of unpaid property taxes.
The directives issued will be in force until July 31, 2024. One Time Settlements (OTS) can be made online by tax defaulters and evaders, according to the Bruhat Bengaluru Mahanagara Palike (BBMP).
Read below to check the detailed information related to the Bengaluru One Time Settlements Scheme for Property Tax Defaulters like Highlights, Objectives, Features & Benefits, Beneficiaries, OTS Scheme for Property Tax Defaulters, and much more
To collect debts under its authority, the Bruhat Bengaluru Mahanagara Palike (BBMP) will give defaulters the choice of a One-Time Settlement (OTS) Scheme. A new notification states that the penalty levied under the BBMP Act, 2020 will be equivalent to the amount of taxes omitted.
Properties listed as residential exclusively, but with mixed-use objectives, have not received much relief. However, the warning clarified that tax penalties, regardless of the length of the default, may only be assessed for a maximum of five years. If payments are made after five years, interest is not charged.
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Bengaluru One Time Settlements Scheme for Property Tax Defaulters Highlights
Name | OTS Scheme for Property Tax Defaulters in Bengaluru |
Issued by | H S Shivakumar, the undersecretary of the department of urban development |
Issued by | February 15, 2024 |
State | Bengaluru |
Beneficiaries | Property tax defaulters |
Official Website | https://bbmptax.karnataka.gov.in/ |
OTS Scheme for Property Tax Defaulters in Bengaluru Objective
Bangaloreans would save Rs 2,700 crore in penalties as a result of the amended bill’s approval, which lowers the penalty amounts. Deputy Chief Minister and Bengaluru Development Minister D K Shivakumar had stated that the BBMP would be able to collect fines of Rs 1,000 crore.
Features & Benefits of OTS Scheme for Property Tax Defaulters in Bengaluru
Some of the key features and benefits of the OTS Scheme for Property Tax Defaulters in Bengaluru are as follows:
- The BBMP announced this plan to provide defaulters some flexibility on Thursday.
- Citizens who pay OTS will benefit from a 50% tax deduction under the plan.
- The BBMP anticipates that an internet-based infrastructure will facilitate faster rehabilitation.
- By doing this, BBMP intends to increase tax revenue.
- The taxpayers can make the online payment via the official website i.e., https://bbmptax.karnataka.gov.in/
- The payment can be made all at once, according to the BBMP
- The notice orders will remain in force until this year’s July 31.
- The BBMP was using a mechanism that allowed it to impose a penalty of double the amount for undervaluing property taxes in addition to nine percent bank interest, thus the notification was required.
- Furthermore, no provision specified a limited number of years, thus the BBMP was free to penalize for as long as it wanted.
- Over 10,000 business enterprises were sealed by the BBMP under this procedure due to nonpayment of property tax, penalty, and interest.
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Beneficiaries of OTS Scheme for Property Tax Defaulters in Bengaluru
The OTS Scheme will benefit several people, including buildings that were exempt from the BBMP’s tax jurisdiction, premises that under-assessed tax in the Self-Assessment Scheme (SAS), and those who had multiple years of unpaid property taxes.
OTS Scheme for Property Tax Defaulters
- Residential properties that are exclusively ground floor and have a tiled or sheet roof (non-RCC) but do not exceed 1,000 square feet for personal use will be subject to a penalty of twenty-five percent (on tax evaded).
- There won’t be any fines for slums, government housing for the impoverished, or homes less than 300 square feet used for personal use inside residential properties classified as slums by the Karnataka Slum Development Board, or BBMP.
- The penalty for under assessed dwellings has been halved.
- The properties outside of the tax’s jurisdiction, assets free from property tax, and interest on taxes avoided were all excluded.
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