Bengaluru Residents: Don’t Miss These Crucial Financial Tasks Before March 31| Bengaluru news
Bengaluru residents are required to pay their tax owed on property and renew their trade licenses by April 30, 2025 to avoid costly penalties. In addition, the BBMP has also launched a single-time settlement plan for PSUs and government buildings.
Bengaluru Residents: Don’t Miss These Crucial Financial Tasks Before March 31!
The financial year will close with the 31st of March in 2025. Bengaluru business and residents must prioritize the following city-specific financial tasks to be in the compliance of all financial obligations and prevent penalties
1. Property Tax Payment:
• Deadline: March 31, 2025.
• Penalties for late payments 1 April 2025 the Bruhat Bengaluru Mahanagara Palike (BBMP) will charge the 100% penalty for tax owed on property that is not paid, along with a 15% interest per year.
• The property owner must pay any tax due on property prior to the due date in order to avoid the property tax Bengaluru.
2. Trade License Renewal:
• Deadline: March 31, 2025.
• Penalty for Late Renewal: Renewals made between March 1 and March 31 2025, are subject to the penalty of 25.
• Renewals made after January 1, 2025 will be subject to a 100% fine.
• Businesses must renew their trade license renewal on time before March 31st to avoid penalty fees. The BBMP property tax allows online renewal via its official website.
3. One-Time Settlement (OTS) Scheme for Government Buildings and PSUs:
• Deadline: March 31, 2025.
• Information of the Karnataka government has brought back the OTS scheme to pay property tax arrears on central and state government-owned structures and public sector undertakings (PSUs) situated in Bengaluru.
• The relevant organisations should use this program to pay outstanding tax dues on property prior to the due date.
If these issues are addressed quickly, Bengaluru residents and business owners can make sure they comply with local regulations in order to avoid penalties for financial violations.
