Property / Wealth Tax Returns

About Property Tax


It is well known fact that property tax is the principal source of revenue of urban local bodies/local municipal authorities to upkeep the basic civic services in the city. And studies shows that the property tax base in developing countries especially like India, has been declining due to administrative and procedural inadequacies and lack of proper information regarding properties resulting a significant number of properties are not included in the tax base, those that are included are inaccurately assessed and collection is inefficient.


As MCD wishes to achieve the vision and objectives to provide transparent, accountable and efficient citizen-centric services to the citizens of Delhi through the use of Information Technology, Property Tax Division of MCD has initiated an innovative, broad based approach of Public-Private Partnership (PPP model).


Out of 3 ways (Annual Rental Value, Capital Value System, Unit Area System), MCD adopted Unit Area System which is recommended by Govt. of India.


The basic features of the portal:

  • Simplified and user friendly property tax form with online and offline help(it used to take more than one hour to fill the PTR form with complex calculations and whereas the online form will take hardly 2-3 minutes).
  • Property tax calculation is dynamic and provides calculation details also.
  • Online generation and printing of Property tax challan
  • Monitoring and Updations of Property Tax Arrears, penalties.
  • Dynamic calculation of late fees/interest amount
  • All the rebates will be computed automatically depending on the day of filing of PTR / challan generation
  • Various types of payment facilities are integrated
    1. Credit Card
    2. ITZ Cash
    3. CASH, Cheque and DD at authorized CSB centers and bank counters.
  • Facilitated with interfaces for computerization of Manually filed PTRs.
  • Monitoring and Maintenance of property tax polices such as property tax rates, unit area values, exemption & rebate criteria, taxable property types, colony master etc.
  • Monitoring and maintenance of dishonored cheques / payments
  • Rich set of MIS Reports are provided for the users (tax payers, department officials, collection agencies, 3rd party service providers).




The following advantages/benefits are achieved by implementing e-Property :


  • The entire process, which as top-down till yesterday – with the citizen at the receiving end – has been restructured bottom-up with citizen-centric processes with the help of technology.
  • The transparency and access to information on the net has reduced and/or eliminated the role of middle-men/touts.
  • Will be in position to identify tax defaulters which may lead to build the database with the properties those are not in the tax base so far.
    • This leads to increase in tax base.
  • Addressing the Revenue losses - Because of manual calculation, there are chances for inaccurate tax assessment which might lead to heavy revenue loss since manual verification of each PTR file is very cumbersome and tedious and requires a lot of man power.
  • Monitoring of tax receipts and dues are at finger tip.
  • Endless queues, confusing processes and wastage of valuable time and money in order to conduct a simple transaction would be a by gone story e-Property has made the way for establishing many number of virtual property tax counters dynamically (every PC on internet) in addition to 3rd party counters which led to curbing of huge efforts and expenditure incurred on administering the huge crowds especially in peak seasons.
  • Managing and securing the e-PTRs is very simple at a negligible cost and efforts.

Tax payers :

  • Simplified one page form which is self explanatory and will take approximately 2-3 mins to file a PTR.
  • PTRs can be filed any time and any where
  • Tax calculations are explained in detailed.
  • Property tax challan can be printed online.
  • Facilitated with various tax payments options such as
    1. Credit Card
    2. ITZ Cash
    3. Cash, Cheque, DD at authorized bank and CSB counters.
  • Established 800 ITZ Cash counters (additional facility to the tax payers) across the Delhi city. Tax payers can file their PTRs in any ITZ Cash counters and pay tax there itself. All modes of tax payment are accepted here.
  • Instant receipt generation and printing facility has facilitates tax payers to print the tax receipt online any time.
  • The role of touts is drastically reduced and virtually eliminated even at peak seasons.
  • Saving of money as well as time - The tax-payers can avoid the trek to the concerned offices and they can quickly and simply conduct their business (filing their property tax returns and paying tax) over the Net.
  • Tax payers can monitor their property tax record online at any time.


Who is liable to file wealth tax returns?

Every Individual, Hindu Undivided Family and Company whose net wealth exceeds the maximum amount which is not chargeable to wealth tax in any previous year ending of 31st March is liable to file the wealth tax return. The maximum limit of net wealth not chargeable to tax under the provisions of the Wealth tax Act, 1957 is Rs. 15 lakhs at present.

Under wealth tax what is net wealth?

Net wealth is the aggregate value, computed under the provisions of the W.T. Act, 1957, of all assets (including deemed assets), belonging to the assessee on the valuation date, Minus the aggregate value of all debts owed by the assessee on the valuation date which have been taken in relation to the assets attracting wealth tax.

How is wealth tax charged?

Wealth Tax is charged @ 1% of the amount by which the net wealth exceeds Rs. 15 Lakhs.

What are the due dates for filing of wealth tax returns?

The due dates for filing Wealth Tax returns by different assessees, are the same as that given above for filing Income Tax returns.

What is the fine for not/late filing of wealth tax returns?

Where the assessee had defaulted in timely furnishing of his return of wealth, then penal interest @ 1% for every month or part of a month of delay is chargeable for Non/Late filing of return.


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JALARAM AND ASSOCIATES., we've been serving the accounting needs of Hyderabad, All over India and surrounding areas for years. If you need help managing any aspect of your home or business's finances, we want to hear from you.

Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.

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Mobile: 91-924662628
Fax: 040-66662628


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