Sunday, 1 January 2017

A Comment on the relationship between car ownership and income-tax liability

My Comment on an article "24 lakh people have income above Rs.10 lakh but 25 lakh cars bought every year" published in the Dated 31/12/2016.

"Figures can't be linked like these. Car purchases and eligibility for the tax are two different things. One should have the full details to check the actual position. 

The author is taking the tax -payers' statistics of A.Y. 2014-15 and trying to explain the figures. We should take recent figures for the actual position.

Moreover, if one owns a car, he need not be treated as falling in the income tax eligibility range. Many models are available cheaply and anyone can purchase a car nowadays earning minimum income. Even if you have a salary of Rs.25,000 pm, you don't fall in the taxable range. You can easily purchase a car paying very low EMIs affordable within your income."

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