WebFeb 28, 2024 · Section 80EEB is a new section added to the Income Tax Act of 1961 and introduced by the Indian government in the Union Budget 2024. Under this section, an individual can claim a deduction of up to Rs. 1.5 lakh on the interest paid on the loan taken for purchasing an electric vehicle. Section 80EEB tax benefits are a part of the FAME … WebJan 2, 2024 · From fiscal year 2024-2024 onwards, tax incentives under section 80EEB are available. An Electric vehicle purchase would not only save you money on income taxes, but it will also save you money on GST, since the government has reduced the amount from 12 percent to 5%. EV; EV tax benefits India;
#7 Deductions from GTI Section 80E Section 80EEB
WebJul 10, 2024 · Section 80EEB Income Tax : Deduction for purchase of Electric Vehicle Budget 2024-20 Speech of Finance Bill 2024 on 05.07.2024. Incentive to purchase electric vehicle: In order to incentivise purchase of electric vehicle by an individual, it is proposed to provide deduction of an amount uptoRs. 1,50,000 for interest paid on loan taken for … how do comments get highlighted on youtube
Insertion of new sections 80EEA and 80EEB
WebNov 20, 2024 · The deduction under section 80EEB is provided only to the individual tax payers. This deduction is not provided to HUF, AOP, partnership firm or any other type of tax payers. The deduction is provided only for interest payment. The maximum cap on the amount is Rs.150000. The electric vehicle can be purchased for personal usage or … WebAnswer (1 of 3): Section 80EEB of Income Tax Act, 1961 provides deduction in respect of interest paid on loan taken for the purchase of electric vehicle. Deduction under this section is available to individuals only. No other taxpayer can claim deduction under this section. Amount of Deduction ... WebJun 11, 2024 · The maximum amount of deduction available under this section 80EEB is Rs. 1,50,000 per annum. Deduction is available only on interest paid not an principal loan amount payment. Period of Benefit :- The benefit of this section available from the assessment year 2024-2024 and subsequent assessment year till the repayment of loan … how do commendations work in destiny 2