The Punjab government, in a major relief to residents, announced an one-time settlement policy for all pending property tax dues. A notification regarding the same was issued by the state government on Monday.
Giving details of the notification issued, Ludhiana Municipal Corporation commissioner Sandeep Rishi on Monday said that the scheme will be beneficial for anyone who have not paid property tax in the past. Defaulters earlier were required to pay 20 per cent penalty and 18 per cent annual interest on pending property tax to get their dues cleared.
However, under the one-time settlement policy, the residents can now pay the pending tax in lump sum without penalty and interest by December 31, 2023. A hundred percent penalty and interest waiver has been announced by the state government, he said.
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If in any case, the residents are not able to pay the pending tax by December 31, 2023, in lump sum, the residents would then be eligible for 50 percent penalty and interest waiver on payment of lump sum tax from January 1, 2024, to March 31, 2024. After March 31, 2024, the residents will have to pay full penalty and interest on the pending property tax as per norms.
The civic body commissioner said that residents should make use of the current policy and submit their pending tax without any penalty and interest by December 31, 2023.
The residents can also avail 10 per cent rebate on payment of property tax for the current financial year (2023-24) by September 30.
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