Chandigarh: AAP govt has increased the motor vehicle tax on two-wheelers and four-wheelers in Punjab . Those planning to buy an SUV or a luxury sedan costing more than Rs 25 lakh will now have to pay 13% tax as part of the revised rates, given a go-ahead by the governor. As per the notification issued by the transport department on Thursday, those buying a four-wheeler costing upto Rs 15 lakh will have to shell out 9.
5% tax and it would be 12 % for vehicles priced between Rs 15 to Rs 25 lakh. As per estimates, a car costing up to Rs 15 lakh has become costlier by around Rs 7,500. The tax has been hiked by up to 1% for cars priced between Rs 15 to Rs 25 lakh, which will make the new vehicle costlier by up to Rs 25,000.
In case of two-wheelers, if value of motorcycle does not exceed Rs 1 lakh, rate of motor vehicle tax would be 7.5%, 10 % tax will be charged on two-wheelers priced between Rs 1 lakh to Rs 2 lakh and rate of tax will be 11% for motorcycles costing over Rs 2 lakh. For two-wheelers up to Rs 1 lakh, the tax has been increased by 0.
5% and for those between Rs 1 lakh and 2 lakh, the tax has been increased by 1%. With the hike in the tax ahead of the festival season, the Punjab govt hopes to generate additional revenue. We also published the following articles recently Scooterist speeds off on Bandra-Worli Sealink despite ban on two-wheelers A scooterist with a pillion crossed the Bandra-Worli Sealink on Saturday despite it being closed to two-wheelers and police attempts to intercept.
At 5.25 pm, traffic constables were informed of the speeding scooter. Positioned at the toll naka, they could not stop him, leading to the police registering an FIR.
The rider was estimated to be around 30-35 years old. Around 2 lakh property owners fail to claim 40% tax discount The Pune Municipal Corporation has noted that approximately 2 lakh property owners have failed to submit PT3 forms, necessary for obtaining a 40% tax discount. Despite deadline extensions, only 2.
5 lakh out of the required 4.5 lakh forms have been submitted. Surveys indicate several properties are either locked or rented out.
Man can't be taxed for Rs 20 lakh gift from NRI brother: ITAT Mumbai's Income-Tax Appellate Tribunal has ruled that a Rs 20 lakh gift received from a non-resident brother in the UAE is tax-exempt under Indian law. The taxpayer successfully demonstrated the donors identity, financial capability, and the genuineness of the gift, using bank statements and a gift deed, overturning previous findings by income tax officials..
