Income tax threshold increased by Rs 50k
Jul 13, 2014-
The government has increased the income tax threshold by Rs 50,000. With this, individuals earning up to Rs 250,000 annually and couples with an annual income of up to Rs 300,000 have been exempted from income tax.
In the budget for the next fiscal year presented on Sunday, the government
kept the customs duty on automobiles constant, but increased the annual tax motorists have to pay.
Motorcycle owners have to pay an additional Rs 500-Rs 1,000 based on the engine capacity.
The owners of 125cc motorcycles have to pay Rs 2,500, while those having bikes up to 250cc will have to pay Rs 4,000. Those with motorbikes over 250cc will have to pay Rs 6,000.
Automobile owners will also have to pay an additional amount under road repair and maintenance fees.
Owners of 125cc bikes have to pay Rs 7,000 annually from earlier Rs 6,000. For bikes between 126cc and 250cc, the fee has been set at Rs 8,000, while owners of more than 250cc bikes have to pay Rs 9,000 per year.
Vehicle taxes for cars, vans and microbuses have also been hiked. Owners of such four-wheelers up to 1,000cc capacity will have to pay Rs 18,000 annually, up from Rs 16,500.
Those having vehicles up to 1,500cc capacity will have to pay Rs 20,000 from
earlier Rs 18,000, and for vehicles having capacities more than 2,901cc, the fee has been kept at Rs 48,000 from earlier 44,000.
Due to an increment in excise duty on cigarettes, tobacco products and liquors, their prices will rise.
Liquors will become expensive by 8 percent, while tobacco products will be expensive by 8-12 percent.
Published: 14-07-2014 10:22