Limiting the Property Tax liability of property tax payers under 150%

Limitation

The government of the Punjab has placed a limitation on Property Tax liability for the year 2014-15 based on the property tax liability for 2013-14. The notification for this limitation reads as follows:

"No. SO.TAX(E&T)3-38/2014. In exercise of powers under subsection (3) of section 3 of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958), Governor of the Punjab is pleased to remit property tax for all the assessees for the financial year 2014-2015, if tax liability is increased more than 50% from the financial year 2013-14. The property tax only to the extent of more than 50% increase shall be remitted."

To download the notification, please click here: Notification No. SO.TAX(E&T)3-38/2014