Section 80EEB: Deduction for purchase of an electric car.
Another new section of deduction introduced by the new Union Budget was Section 80EEB. This section was introduced to promote the purchase of electric vehicles among individuals by giving them tax relief on their purchase. The section states that if a loan is availed by a taxpayer to buy an electric vehicle, the interest paid on the loan would be allowed as a tax-free deduction from the taxable income. The terms of deductions under the Section include the following –
- Deduction is available on the interest paid on a loan availed for buying an electric vehicle
- The limit of deduction is up to INR 1.5 lakhs
- The loan should be taken from a financial institution
- The loan should be sanctioned between 1st April 2019 and 31st March 2023
Download Automated All in One TDS on Salaryfor The Bihar State Govt Employees for the FinancialYear 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the Bihar State Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format