Amendment status not verified — confirm the current text below against the official source.
For sub—section (2) of section 9 ofthe Principal Aet, the . following shall be substituted, namely,— “(2) Where One Time Tait for any personalized or commercial vehicles has been paid and the motor vehicle has been removed .to‘ any place outside the State permanently, the following modalities are hereby made for refund of tax:- (a) where the motor vehicle is less than two years old, the refund of tax for its remaining life shall-be calculated, as Refimd = OTT— [(OTI‘/15)x n ’] ‘m Where ‘OTT' means derived Que Time Tax of the particular 'type/ class ofvehzcle ‘15'mea'r‘zs I5 years life ofthe vehicle, 3 ‘n ’ is the age ofthe vehicle (11> =2); . -. ' ‘m ’ is the service charge (taking 3% of derived 0T1); 2nd ' _ ' ‘x ’ sign means mziln'plz‘cation, and ‘—’ sign means s‘ubtraction and 7’ sign means division; ' (b) where the vehicle is more“ than two years 91d, no refund oftax shall'bex'n‘ade; , . . . (c) where the vehicle'is removedtemporanly (for a period upto three months) to another State 116 refund of tax shall be made: A *9 . . Substitution of Section 15. Other penalties.