Property Tax Payment in India
Property Tax Payment Property Tax is charged by the Government on all Tangible Real estate that an individual owns. These Real estate assets could Include Residential Homes, Office Buildings and Other Buildings Rented out to Third Parties. Property Tax has a deep-rooted history in India. Even in olden days great Epics like Manu Smriti and Arthasastra, which spoke about different tax measures at that time. kings would levy a small tax on farmers and landowners. which would be used to enhance the treasury of a kingdom. The advent of the British bought in a more streamlined process, with land revenue forming a major chunk of the British treasury. They devised a system of centralization with respect to land tax, appointing individuals to collect tax on behalf of the crown. This gave birth to tax collectors and formal tax collection system in the country Property in India is classified into four categories. which help the government estimate tax based on certain criteria. the di...