Delhi MCD nets 50% of property tax target in first quarter. Here's how
According to sources, the achievement can be attributed to the online payment mode, which started last July, and the Property Tax Amnesty Scheme 2025-26, known as Sumpattikar Niptaan Yojana (SUNIYO).
'Last year, we were able to collect only Rs 1,500 crore by this time due to payments made by cheques, a majority of which would bounce,' an official said, adding that a total of Rs 2,132 crore was collected against the target of Rs 4,000 crore last year.
Till now, 59,411 taxpayers have availed of the SUNIYO scheme, and property tax to the tune of Rs 145.19 crore has been received.
Under the one-time amnesty scheme valid from June 1 to September 30, a taxpayer can get a full waiver on arrears — interest and penalties — for periods before the financial year 2020-21, provided they pay the principal amount of property tax for the current year (2025-26) and the previous five financial years (2020-21 to 2024-25), as per an MCD circular.
The official, explaining how the online mode is helpful, said that earlier, taxpayers used to submit the cheque at the last moment at the end of a financial year. With a cheque valid for three months, it used to get cleared in the next financial year. 'This used to get recorded twice by the system due to lack of reconciliation. Cheque bounce was also a major issue,' the official said.
'Numbers used to be high, but the actual amount with the department was less because of these reasons, and it was difficult for the officials to trace the person since they would – on many occasions — not write the full address,' the official added.
On Monday, the civic body organised 2,333 property tax camps across the city's 12 zones to facilitate taxpayers in filing their taxes and availing benefits offered under the Amnesty Scheme. To avail of this benefit, taxpayers are required to file their online Property Tax Return (PTR) on the official MCD portal.
Mayor Raja Iqbal Singh said more property tax camps will be organised in the coming days: 'In view of the encouraging response to the SUNIYO scheme, more property tax camps will be held in the coming days to ensure all eligible citizens can benefit from the amnesty.'
He also announced that the last date to avail a 10% rebate on lump sum property tax payment for the current financial year has been extended till July 31.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
10 minutes ago
- First Post
Why Gen Zers are becoming 'sus' about getting college degrees
A recent survey by ResumeGenius, which polled 1,000 full-time Gen Z workers across the US, shows that young adults have second thoughts about getting college degrees. While every one in four Gen Zers admitted they regret getting degrees, others wish they had picked a more lucrative field. So, what's fuelling Gen Z's ick towards colleges? read more A recent survey by ResumeGenius, which polled 1,000 full-time Gen Z workers across the US, shows that many young adults are having second thoughts about their college experience. Image for Representation. For teens coming of age in the late 2010s and early 2020s, the message was clear (and taught by most parents): finish school, go to college, and you'll land a secure job. It was seen as a guaranteed path to success. But Gen Z isn't so sure anymore. With college costs soaring, student debt piling up, and many graduates struggling to find stable work, that promise feels shaky. Add to that the rise of artificial intelligence changing entire industries, and it's no surprise more young people are asking: Was college really worth it? STORY CONTINUES BELOW THIS AD 1 out of 4 GenZs feel college was not worth it A recent survey by ResumeGenius, which polled 1,000 full-time Gen Z workers across the US, shows that many young adults are having second thoughts about their college experience. Some say they wish they had studied something else, or skipped college altogether. About one in four Gen Zers admitted they regret going to college or wish they had picked a more lucrative field, like tech, healthcare, engineering, or finance. 'Many Gen Z students feel they were told college was the only path, only to see people with strong degrees underemployed or overlooked,' said Allison Danielsen, CEO of career platform Tallo, in a conversation with Fortune. She added that students are now 'questioning whether college still delivers real value.' Tallo also conducted its own survey of over 2,000 people aged 18 to 30. They found that 62 per cent weren't even working in the field they'd originally intended to pursue. About one in four Gen Zers admitted they regret going to college or wish they had picked a more lucrative field, like tech, healthcare, engineering, or finance. Image for Representation. Meanwhile, 25 per cent said they're actively struggling to find jobs in their chosen industry, leading many to wonder whether the time, effort, and money spent on a degree was worth it. Only about a third of Gen Z workers reported being happy with their current career path. And when you look at the numbers, it's easy to see why there's growing frustration. With average tuition nearing $38,000 (Rs 32.8 lakh) a year and Gen Z students carrying an average of $23,000 (Rs 19.8 lakh) in debt, college is starting to feel like a pricey gamble with no guaranteed payoff. STORY CONTINUES BELOW THIS AD It's not just students, even parents are rethinking things. A separate survey by American Student Assistance of more than 3,000 middle and high schoolers found that 70 per cent of teens say their parents are now more open to alternatives like trade schools or apprenticeships over traditional college. 'Parents are waking up. College doesn't carry the same [return on investment] it once did because the cost is outrageous, and the outcome is uncertain,' Trevor Houston, a career strategist at ClearPath Wealth Strategies, told Fortune. 'Students now face the highest amount of debt ever recorded, but job security after graduation doesn't really exist.' Also read: What is career catfishing, the Gen Z strategy to irk ghosting corporates? The AI fear A growing worry among Gen Z is the rapid rise of artificial intelligence and what it means for their future. According to a report by Indeed, nearly half (49 per cent) of job seekers say their college degree feels less valuable in today's job market because of how quickly AI is changing the job market. STORY CONTINUES BELOW THIS AD Entry-level jobs, often the first step for graduates entering the workforce, are increasingly being taken over by automation. And that's adding to the uncertainty. According to a report by Indeed, nearly half (49 per cent) of job seekers say their college degree feels less valuable in today's job market because of how quickly AI is changing the job market. Image for Representation. Reuters 'Damned if they do or don't [go to college],' said Colin Rocker, a Gen Z content creator who shares career advice for young professionals, in a conversation with Fortune. 'On one hand, their parents, counsellors, and professors urge them away from more liberal arts majors like literature or history, but every day in the news, they see thousands of people laid off who work with more technical degrees like engineering, computer science, and marketing, as AI starts to take over.' Experts say these jobs may not vanish completely, but they are shifting into roles that barely resemble what they used to be. For Gen Z, that means the career paths they once envisioned might no longer exist, or at least, not in the way they imagined. But that doesn't mean all hope is lost. Instead, they may need to pivot and learn how to work alongside AI, rather than fear it. STORY CONTINUES BELOW THIS AD Gen Z 'is now faced with carving out a place for themselves in an economy where they're fighting for opportunity against the most advanced systems and technologies we've ever seen,' Rocker added. With input from agencies
India.com
10 minutes ago
- India.com
Who is Anish Shah, one of highest-paid CEOs in India, his salary is Rs 47 crore, he currently works for...
Who is Anish Shah, one of highest-paid CEOs in India, his salary is Rs 47 crore, he currently works for... Dr. Anish Shah has made it to the elite list of the top five highest-paid CEOs in the global auto industry after receiving a remarkable 95 per cent increase in his salary. His total compensation for the financial year 2024-25 now stands at an impressive Rs. 47.33 crore. Dr. Shah currently serves as the Managing Director and CEO of the Mahindra Group. Shah joined Mahindra in 2014 as Group President (Strategy) and has been an important part of the company's journey ever since. He led many big decisions that helped Mahindra adopt digital tools, use data better, and improve coordination among its different businesses. In 2020, he was promoted to Group CFO and Deputy Managing Director. The following year, in 2021, he became the Group CEO and Managing Director. Since then, Mahindra & Mahindra has grown rapidly in the Indian car market. The company moved up from fourth to second place in the passenger vehicle segment. Popular models like the Scorpio, Thar, and the new XUV3XO played a big role in this success. Dr. Shah's leadership and clear strategy have been key in driving this strong performance. Executive pay soars globally, Dr. Anish Shahjoins top league of auto industry's highest-paid CEOs In a global trend that has seen executive salaries rise by nearly 50 per cent in real terms since 2019, India's auto sector is no exception. Hero MotoCorp's Chairman and Managing Director, Pawan Munjal, has once again topped the list as the highest-paid automotive CEO in India for FY25, with a total compensation of Rs. 109.41 crore, unchanged from the previous year. Making headlines this year is Dr. Anish Shah, the Managing Director and Group CEO of Mahindra Group, who has joined the top five highest-paid CEOs in the Indian auto sector for the first time. He saw a staggering 95 per cent increase in his pay for FY25, bringing his total earnings to Rs. 47.33 crore. A closer look at his compensation reveals that Rs. 16.49 crore came as fixed salary, Rs. 65 lakh as company contributions to various funds, and Rs. 1.13 crore through allowances and other perks (excluding ESOPs). However, the bulk of his earnings which is around Rs. 30.18 crore came from stock options (ESOPs) he exercised during the year. ESOPs accounted for nearly two-thirds of his total pay package. Before his tenure at Mahindra, Dr. Shah served as President and CEO of GE Capital India between 2009 and 2014. He played a key role in the company's strategic overhaul, including the turnaround of the SBI Card business. Over a 14-year career at GE, he held several senior positions across its U.S. and international operations. Academically, Dr. Shah holds a Ph.D. from Carnegie Mellon University's Tepper School of Business, where his research focused on corporate governance. He also earned a postgraduate diploma in management from IIM Ahmedabad and a master's degree from Carnegie Mellon.
Deccan Herald
10 minutes ago
- Deccan Herald
Canara Bank consolidated net profit declines 21.4% to Rs 3,195 crore in Q1
The total income of the bank has gone up by 12.10% to Rs 41,441 crore during the June quarter as against Rs 36,966 crore in the year ago period.
