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The amendment has been accepted over the imposition of taxes on the vehicles. As we are familiar with the taxes that are to be imposed category wise as per the Budget 2016. This lead the automakers to increase the prices of their vehicles. As of now, the car buyers willing to purchase a car costing above Rs 10 Lakh, will have to shed 1 % tax to the seller from now onwards.
This amendment has been approved by the Lok sabha which is the part of the Finance bill 2016, forwarded by hon’ble Finance Minister Arun Jaitley. With the amendment, it becomes clear for the liability of the tax collection as something was unclear in the Budget.
The amendment says, "Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding Rs 10 lakh, shall at the time of receipt of such amount, collect from the buyer a sum equal to 1 per cent of the sale consideration as income tax."
Also, according to the additional Dividend Tax, around 10 percent of levy will be payable if the amount exceeds the value of Rs 10 Lakh. In other words, the taxpayers whose dividend income crosses Rs 10 Lakh, will have to pay the additional dividend tax from now onwards.
As the amendment said, "The amount of income-tax calculated on the income by way of such dividends in aggregate exceeding Rs 10 lakh, will be at the rate of 10 per cent."
Moreover, the amendment adds, "Where no return of income has been furnished and the income has been assessed for the first time, the amount of tax calculated on the under-reported income as increased by the maximum amount not chargeable to tax as if it were the total income."
Sometime before, the finance bill stated that around 30 percent of tax will be imposed on the under-reported income of the total income in case of a firm, company or authority.
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