Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings
Car-owning made costlier…time to say OLA!
Caaaaaaaaaaaaarrrrrrrrrrrrrr……!!! Yeah, that’s how you would be owning a vehicle from today! Now, tax will be deducted at source @1% on purchase of luxury cars exceeding value of INR 10 lakhs. The Budget has also proposed an Infrastructure Cess of 1% of small petrol, LPG, CNG cars; 2.5% on Diesel Cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs.
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