Firms in added zones to pay company tax

January 30, 2015 12:00 am | Updated 09:19 am IST - CHENNAI:

Companies in added zones will pay company tax with effect from October 25, 2011. The Council on Thursday passed a resolution for collection of company tax in the eight added zones.

Company tax in the city has already been increased from a maximum of Rs. 1,000 to Rs. 30,000. Of the 34,260 companies identified in the 15 zones of the city, 5,196 companies with a paid-up capital of over Rs. 50 lakh will have to pay the maximum amount every six months.

Around 16,000 companies, which are in the paid- up capital range of Rs. 1,00,000 to Rs. 1,99,999, will have to pay a revised tax of Rs. 1,000.

Under the 172-sq-km area of the old city limits, there were 12,417 limited and private limited companies. Most of the 25,000 companies under the new city limits that were not paying company tax are located in the newly-merged zones of Ambattur, Tiruvottiyur, Manali, Madhavaram, Valasaravakkam, Perungudi and Sholinganallur.

Chennai Corporation has also planned to collect advertisement tax for all modes other than hoardings.

Advertisers will have to pay tax of Rs. 500 per sq. m every six months for using streetlights or bus shelters or other civic facilities for advertisement.

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