LAHORE: The Punjab tax authorities would collect advance tax at the time of registration of new motor vehicles under Section 231B of Income Tax Ordinance, 2001, with the start of fiscal year 2021-22.

According to sources, the rate of advance tax on registration/transfer of motor vehicles would be as follows: Rs.7,500 up to 850cc and Rs15,000for persons not on Active Taxpayers List (ATL); Rs.15,000 up to 851cc to 1000cc and Rs.30,000 for persons not on ATL; Rs.25,000 up to 1001cc to 1300cc and Rs.50,000 for persons not on ATL; Rs.50,000 up to 1301c to 1600cc and Rs.100,000 for persons not on ATL; Rs.75,000 up to 1601cc to 1800cc and Rs.150,000 for persons not on ATL; Rs.100,000 up to 1801cc to 2000cc and Rs.200,000 for persons not on ATL; Rs.150,000 up to 2001cc to 2500cc and Rs.300,000 for persons not on ATL; Rs.200,000 up to 2501cc to 3000cc and Rs.400,000 for persons not on ATL; and Rs.250,000 for above 3000cc and Rs.500,000 for persons not on ATL.

Copyright Business Recorder, 2021