In the schedule IV of the Principal Act,-
(i) under the heading ‘A Tax on building’ in item (ii), for the entries in column (3), the following shall be substituted, namely:- “
(ii) after the entries relating to “B. Vacant land measuring” the following shall be inserted, namely:- VAJUBHAI VALA GOVERNOR OF KARNATAKA By order and in the name of the Governor of Karnataka, (K. DWARAKANATH BABU) Secretary to Government Department of Parliamentary Affairs and Legislation.
“(a) Small Scale Industry - 0.40 percent
(b) Medium Scale Industry - 0.50 percent
(c) Large Scale Industries - 0.60 percent on the capital value of the property
(1) Run way area of an Airport - 0.10 percent on the Capital value of the property
(b) In case of vacant Land in Airport or Industrial area where plantations are grown - No tax ”