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of <h1>Amendment to Income-tax Act Section 43 Caps Motor Car Tax Cost at 25,000 for Purchases After February 28, 1966.</h1> In the Finance Act of 1966, an amendment to section 43 of the Income-tax Act was introduced. This amendment adds a proviso to clause (1), specifying that for motor cars acquired by the assessee after February 28, 1966, if the actual cost exceeds twenty-five thousand rupees, the excess amount over this threshold shall be disregarded. Consequently, the actual cost of the motor car for tax purposes will be considered as twenty-five thousand rupees, regardless of the actual purchase price.
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