- The owner of a motor vehicle, applying for transfer of ownership of the vehicle, or to pay tax on the vehicle, or in the case of a vehicle which is exempted from payment of tax applying for exemption token, shall forward with the application, a certificate of insurance, issued in pursuance of sub-section (4) of section 147 of the Act relating to the vehicle and comply with the requirements of Chapter XI of the Act and such application shall be valid -
(a) if the application is made before the commencement of the period for which tax is tendered, on the first day of that period, or
(b) if the application is made during the period for which the tax is tendered, on the date on which the application is made :