According to Bombay Motor Vehicle Tax Act 1958, tax exemption for school buses owned by school authorities and used exclusively as school buses is:
A. $${{2 \over 3}^{{\rm{rd}}}}$$ of annual tax rate applicable
B. $${{1 \over 3}^{{\rm{rd}}}}$$ of annual tax rate applicable
C. $${1 \over 2}$$ of annual tax rate applicable
D. $${1 \over 5}$$ of annual tax rate applicable
Answer: Option A
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