Re: Effect of Rs. 500 / 1000 note ban on the Indian car industry
The 10 lakh income level in the assessment year in question is 3 years old, the current law has tax on dividends exceeding 10 lakhs a year. Income refers to salary and excludes a lot of other sources, especially dividend income.
This is a click bait headline and people have fallen for it. The 35k luxury cars bought by directors/management of small companies in the name of the company are the majority of the sales, most of them have no salaries but charge expenses on the company account and pay themselves a dividend, nothing illegal. It's not that difficult to track 35k purchases with the information available with the authorities.