This video would be very valuable if you are one of those people who are looking for rules to get tax benefits and exemptions before buying a car.
Here’s how to reduce the cost of owning a new car. These days, people are learning more about the rules to reduce the cost of efficient vehicles. These include tax benefits, depreciation costs, benefits for various sections of income tax, etc. can be in the form of. The popular YouTuber lists in detail all the formalities involved.
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How to reduce the cost of owning a vehicle?
First of all, people who transfer their old car to a new owner or exchange it with a dealer can claim an NCB (Unclaimed Bonus) from the insurance company, if no claim has been filed. This can easily be required by obtaining a certificate from an insurance company. Second, in accordance with the tax legislation, it is possible to claim a profit as a result of depreciation. However, you need to use the car in business to claim it. When taxes are paid, it fluctuates up to 15% at the end of the financial year. This is something that not many people know.
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Third, there is enough money to save on interest rates on the loan. If you buy a car for business purposes, the interest rates are different. You may have noticed that there are many benefits to buying a car for business. Then, until March 31, 2023, the government will provide discounts for the purchase of electric cars (electric cars). If you buy an electric car on credit, you can claim tax breaks of up to 1.50 million rupees. This is one of many schemes being implemented by the government to promote the mass adoption of electric vehicles in India.
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Finally, if you are from Kerala, Maharashtra, Telangana and Karnataka, where road taxes are too high, you can save a lot of money by applying to a BH (Bharat) registration number. It also applies to central government employees, public sector employees and some private sector employees. In addition, there are tax breaks under the GST if you have the ability to drive for security guards or certain disabled people. Make sure you use these discounts to reduce ownership of new cars.