Now, if you turn to a professional CA, there are several innovative ways to save on taxes, and this example demonstrates their ability.
Here you can save more than 50% on the new Toyota Fortuner. In fact, the CA in the video says that this technique can be applied to any vehicle. Over the past few months, Toyota has been constantly introducing new versions of the Fortuner, and the prices of popular SUVs are rising rapidly. Consumers are looking for some relief that will increase the relevance of this video. However, to fully understand the concept, you need to do some research on tax terminology or hire a CA to help you.
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How to save 50% on Toyota Fortuner
If you are a CA businessman, it explains some specific concepts that can save you more than 50%. But if you are a salaried employee, you can save more than 30% on the cost of any car. To get started, YouTuber got a Fortuner model worth more than Rs 47 crore on the go. Dealers pay about Rs 39,000 (source tax) for this. This is one of the components that can be returned by the buyer of the car, as TCS must be paid by the seller and is included in the cost of the car.
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You can then take advantage of ITC (Input Tax Credit) payments, which are not part of your costs. Basically, this means the amount you pay in advance as Tax and can be deducted from gross income at the end of the year. To be able to do this, you must use the vehicle for a) Dealer delivery, b) Commercial transport or c) Driving school. In the best case, 42% of the ex-salon amount can be refunded in the form of depreciation for years of ownership of the vehicle.
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However, if you are not eligible for this and earn more than Rs 10 crore as an employee, you can receive a 31% discount on depreciation taxes. Depending on the tax board, this means that you can save between 31% and 51% on any new car you purchase if you follow these simple tax rules.