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Punjab Finance Bill 2024-25: Revision in court fees, vehicle registration and urban property tax proposed

By News Desk

June 14, 2024 12:04 AM


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Punjab Finance Bill 2024-25 proposes revision in different series of column three of Schedule One of the Court Fees Act, 1870. After the amendment, the court fee will be charged Rs 100 instead of Rs 1, Rs 500 instead of Rs 2, reported 24NewsHD TV channel.

Under the finance bill new fee is 100 rupees instead of 50 paise, 500 rupees instead of 2 rupees, 500 rupees instead of 7.5 rupees, 500 rupees instead of 15 rupees and 500 rupees instead of 20 rupees.

The Finance Bill proposed an amendment in Punjab Urban Immovable Property Tax Act 1958 under which property tax on properties in the cities will be charged according to capital value (DC rate) instead of rental table.

The government will be able to declare any property as high-value property. The property owners will be informed about the specific procedure for assessing the value of the properties. Citizens will be able to self-assess the value of their property. The assessment authority will be able to audit the self-assessment of the property.

The Finance Bill proposes if a person underpays tax or tries to evade tax, he will be fined in addition to the amount of tax evaded or evaded. If a person does not do the self-assessment of his property, the authority will give him two weeks' time.

In the Finance Bill, it has been proposed to amend the Punjab Motor Vehicle Taxation Act, 1958. Lifetime token tax of 1500 rupees will be charged for motorcycles and scooters. If it is sold within 10 years, it is recommended to give a rebate of 10% every financial year on its token tax.

In Punjab, it is proposed to collect vehicle token tax on invoice value instead of engine power in the next financial year. A vehicle with more than 1,000 cc engine will be charged a registration fee of 20,000 rupees.

If the registration is transferred in 10 years then 10 percent rebate will be given every financial year.

A token tax of 0.2% of the invoice value will be charged on a vehicle with an engine power of more than 1,000 cc and less than 2,000 cc. A tax of 0.3% of the invoice value will be charged on a vehicle with an engine of more than 2,000 cc.

If the annual tax rate is lower than the above tax rate, then the annual token tax will be charged on the basis of the old rate.

The Punjab government has proposed an increase in cess duty for labor welfare in the Labor Welfare Act 1967 in the finance bill of the next financial year.

Mines Labor Welfare Cess, which was earlier fixed at Rs.1 to Rs.5 per ton, has been proposed to be increased from Rs.30 to Rs.50 per ton.

Similarly, the Finance Bill suggested an amendment in sub-section (I) of section 39 of the Punjab Sales Tax on Services Act, 2012.


News Desk


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