Bangalore, the green IT city
Apr28

Bangalore, the green IT city

The Evolution of Bangalore The city which was once called the garden city has now become more famous as the Silicon Valley of India. More recently it has also earned the nicknames like IT city and Pub City. Let’s trace Bangalore’s journey from being the Garden City to now being the IT City. The high tech boom began in Bangalore in late 80s and by 90s it had become an IT hub, but before that Bangalore was popularly known as the Garden City. The reason being it had beautiful gardens – Lalbagh, Cubbon Park, and its roads were lined on both sides with green trees. It was Hyder Ali – the Sultan of Mysore who laid the foundation of Lalbagh, a garden named after his sister ‘Lal Bee’. But it was Tipu Sultan who too took its work forward and thus began the Lalbagh Botanical Garden. It was further expanded by the Britishers, who also planned Cubbon Park in the heart of the city. The presence of greenery trees everywhere seemed as if the entire city lay protected under a natural green cover. This gift of green by nature gave Bangalore another nickname – “the green city”. Pleasant climate throughout the year, beautiful surroundings, and a cosmopolitan culture has made Bangalore a preferred destination among the young professionals today. Bangalore, the third most populous city in India was once a “Halli” meaning a village in the then princely state of Mysore.  It was founded in the 16th century by a local chieftain, Kempe Gowda. This Halli was surrounded by many other small villages, rich green fields and a number of lakes, ponds and tanks.  This, perhaps, is the reason for Bangalore’s salubrious climate. Besides, Bangalore is situated in the heart of Mysore plateau at an elevation of 94.4 metres (3000 feet) above the sea level; this too is a major reason that Bangalore enjoys a pleasant climate throughout the year. From City of Greens to City of Geeks From the Garden City, Bangalore came to be known as the Silicon Valley-the IT City in the 1990s. So from green city it became a city of geeks. This change started in 70s when Mr. R.K. Baliga, the first chairman and managing director of Karnataka State Electronics Corporation, established an electronics park spread over 335 acres around 18 km. south of Bangalore for its Electronic City project. This was in 1976.The title Silicon Valley was first given to the Electronic City campus. The far-sighted state government and its right kind of initiatives for the industry attracted a number of electronic units to Bangalore and thus its foundation as the IT capital...

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Property Tax
Mar03

Property Tax

Property and Property Tax: Property is defined as any tangible real estate property, a person’s house, office building and any property that he can rent out to others. Property tax is a tax or tariff that the owner of a property is liable to pay to the local government or the municipal corporation of his area. This tax serves as revenue to the local municipalities for their duties towards the city under them. The revenue collected is used for public services like repairing roads, construction schools, buildings, sanitation. Property tax is usually accompanied by a number of service taxes, e.g., water tax, drainage tax, sanitation tax, lighting tax, all using the same tax base. Real estate (also called the real property) is taxed on the basis of its classification. Classification is the grouping of properties based on similar use. These categories include residential, commercial, industrial and vacant real property. Properties falling under different classes are taxed at different rates. Exemption: Central government properties and vacant land are exempted from Property Tax. Instead, a ‘service charge’ is permissible under executive order. Properties of foreign missions also enjoy tax exemption. Collection of Property Tax: According to the Thirteenth Finance Commission Recommendations, the powers of levy and collection of property tax by the urban local bodies are incorporated in the Municipal Acts and the Rules made there under. The municipal councils are empowered to levy a percentage of the annual rental value of lands and buildings or both as decided by the municipal council. They assess and collect the tax on property for the upkeep of civic amenities in the city. When you invest in a property or own a property, certain responsibilities come along with it. Maintenance of property and timely payment of property tax are key responsibilities of property owners and they ought to abide by the rules and regulations of the local civic bodies. Calculation Methods: The taxing authority performs an appraisal of the monetary value of the property and tax is calculated in proportion to that value. In India, different regions, municipalities and local bodies may have different systems employed for calculating the property tax. Rural areas that come under the Panchayats are usually charged a flat rate. However, in cities with municipalities, the calculation can be based on different parameters. There are three methods by which property tax is calculated: UAS – Unit Area System ARV – Annual Rental Value CVS – Capital Value System Under the UAS, the property tax is calculated on the basis of the amount of area covered by the property and the unit area value or tax (rate band) that is specified for that...

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Home Loans
Feb03

Home Loans

Information on Home Loans: One of the resolutions for a buyer this year is to possess an apartment in Delhi NCR with all the world class facilities at par with international standards. But sometimes financially the individual may not have the budget or the previous budget doesn’t match the refreshed prices of the property. To meet this ever price changing scenario in the real estate industry, home loans have become popular over the period of time. When you want to buy a residential home, it’s a big financial decision for an individual personally. There are many factors you have to consider before taking a housing loan and consider the impact it will have on your personal account: Impact of loan on personal finance: It’s very important to understand the bearing caused when you take a loan and the subsequent EMI’s one has to pay from the monthly earnings. Hence the liability of taking a loan and then repaying it back with interest is a huge responsibility for an individual. Eligibility: It’s very important that you know whether you meet the criteria of applying for a housing loan since that’s the only thing a bank will consider. Some of the important documents an individual is required to submit while applying for a loan are:  Salaried Customers Self Employed Professional  Self Employed Non Professionals:  Salaried NRI’s  Self-employed NRI’s Application form with photograph duly signed by all applicants Application form with photograph duly signed by all applicants Application form with photograph duly signed by all applicants Application form with photograph duly signed by all applicants Application form with photograph duly signed by all applicants Identity, Residence and age proof Identity, Residence and age proof Identity, Residence and age proof Cop of valid passport showing visa stamps Copy of passport along with valid visa stamp PAN Card copy of the main applicant PAN card copy of the main applicant PAN Card copy of the main applicant Copy of valid visa/work/permit/equivalent document. Supporting NRI status of proposed account holder Trade license or equivalent document Last three months’ salary slip Educational qualification certificate and proof of business existence Proof of business existence Latest contract copy evidencing salary/salary certificate/wage slips Computation of income, P & L account and balance, Certified by the CA/CPA, or any other relevant authority Form 16/Income Tax Returns Last three years income tax returns with income computation Business profile Overseas bank account statement Six months overseas bank account statements and NRE/NRO account Six month’s bank statements Last three year’s CA certified/audited balance sheet and profit & loss account Last three year’s income tax returns with income computation. Last three years’ CA audited...

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