In a recent amendment to the finance bill, a new fixed tax rate of 6 percent has been introduced for cars with engine capacities ranging from 2001cc to 2500cc. Previously, individuals filing their taxes were required to pay Rs150,000 for these vehicles, while non-filers had to pay Rs300,000.
Additionally, the upcoming budget will enforce an 8 percent tax on cars with engine capacities between 2501cc and 3000cc. Previously, filers were charged Rs200,000, whereas non-filers had to pay Rs400,000 for vehicles falling within this category.
For cars exceeding 3000cc, a fixed tax rate of 10 percent has been implemented. Previously, individuals filing their taxes were liable for Rs250,000, while non-filers had to pay Rs450,000.
These changes have been made to simplify and streamline the tax structure for different vehicle categories.