 The government proposes to generate an additional revenue of Rs. 42.1 billion annually through stamp duties. The government recommends increasing the stamp duty for affidavits from Rs. 100 to Rs. 300.
For the sale of immovable property, the government suggests increasing the stamp duty from Rs.1,200 to Rs. 3,000. The government proposes to increase the stamp duty for agreements up to five lakhs increase.
Boost Revenue Motor Vehicle Taxation Amendments
In the Finance Bill, amendments to the Motor Vehicles Taxation Act 1958 propose a lifetime token tax of Rs. 1,500 for motorcycles and scooters, with a recommendation for a 10% rebate on token tax if sold within ten years.
20,000, with a 10% annual rebate if transferred within ten years. For cars with motors under 2,000 cc. The government will gather a symbolic expense of 0.2% of the receipt’s worth. Vehicles with motors over 2,000 cc will be charged at 0.3%.
Welfare Levy Act Amendments
Amendments to the Welfare Levy Act 1967 have proposed an increase in mine welfare cess from Rs.1 to Rs. 5 per ton. This adjustment aims to enhance revenue for welfare initiatives in the mining sector.
Boost Revenue Sales Tax Services Act 2012 Amendment
Under Section 39, the Punjab Sales Tax Services Act of 2012 makes changes that. Would enable authorities to choose. Who should be prosecuted?
Urban Immovable Property Tax Amendment
Separate instructions will be provided for self-assessment, and the assessment authority will audit it to double-check it. Penalties will be imposed in cases of tax avoidance or underpayment.
Progressive Taxation on Property
The government proposes property tax exemptions for residential properties valued up to Rs. 5 million, with a 0.07% tax rate for residential and commercial properties valued between Rs. Fifty lakhs and Rs. 1 crore. Properties valued between Rs. 1 crore and Rs. 2.5 crore up to Rs. 5 crore will be taxed at 0.09%. Properties valued above Rs. Properties valued up to Rs. A 10% surcharge will apply to properties valued at Rs.
Properties valued at Rs.If you make the tax payment after 31-12-2024, you will incur a surcharge. Properties valued at Rs.10 crore.
