Bengaluru residents rejoice as BBMP extends OTS property tax payment deadline; read on
By Vinaykumar Patil | First Published Aug 2, 2024, 3:41 PM ISTBengaluru's One-Time Settlement (OTS) scheme for property tax payment has been extended by a month, from July 31, following public appeals. Announced by Bengaluru Development Minister DK Shivakumar, this extension aims to boost revenue and aid property owners, with the scheme already collecting Rs 3067 crore and benefiting 1.16 lakh taxpayers.
Bengaluru property owners received good news as the deadline for the One-Time Settlement (OTS) scheme for property tax payment has been extended by one month. Originally set to expire on July 31, the OTS scheme provides relief for property tax defaulters. This extension comes in response to appeals from various associations, organizations, and the general public.
Bengaluru Development Minister DK Shivakumar informed the BBMP Commissioner of the decision to grant an additional month for taxpayers. This move is expected to significantly boost the city’s revenue, as the OTS scheme has already collected a total of ₹3067 crore in tax, ₹600 crore more than the previous year.
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On July 31 alone, ₹185 crore was collected under the OTS scheme. Out of 3 lakh taxpayers in Bangalore with tax arrears, 1.16 lakh have already cleared their dues thanks to this initiative. The extension is anticipated to bring in additional crores to the BBMP, easing the financial burden on many property owners and enhancing the city's overall tax revenue.
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The public’s appeal and the government's positive response underscore the importance of the OTS scheme in assisting property owners in managing their tax liabilities. This decision reflects a proactive approach by the BBMP in addressing the concerns of the citizens and ensuring the smooth collection of property taxes.
Bengaluru residents are encouraged to take advantage of this extended period to settle their property tax arrears under the OTS scheme, ensuring compliance and contributing to the city's development.
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