Why petrol prices are highest in Punjab?

0 comments Sunday, May 29, 2011

Petrol prices in Punjab are highest in India. People in Punjab wonder why they have to pay for petrol much higher than the neighbouring states. The reason for it is the higher VAT rates on Petrol in Punjab as compared to neighbouring states, infact much more than any other state in India.

In Punjab VAT  on Petrol is charged @ 27.5 per cent and surcharge on the VAT is 10 per cent which makes total VAT on petrol @ 30.25 per cent.
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Deductions available under Section 80C of Income Tax Act, 1961

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Every Taxpayer is entitled to reduce his tax liability by taking benefits of various deductions available under the Income Tax Act. Therefore one should plan his investment and make decision in such manner that, he may get benefit of deductions u/s 80C to 80U.  Section 80C of Income tax Act is an important section wherein investment in certain saving plans and some other expenditures are allowed as deduction to the taxpayer from his total income thereby saving his taxes.

The computation of expacted total income and tax thereon should be made right at the beginning of new financial year and should be reviewed in the later part of the financial year. The Finance Act, 2005 has withdrawn the rebate u/s 88 and in its place re-inserted section 80C for deduction in respect of contribution to PF, LIC premiums, investment in NSC, infrastructure bonds etc, w.e.f A.Y 2006-07.
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