Section 80EEB Income Tax Deduction of Rs 1.5 Lakh on Loan is taken to purchase Electronic Vehicle
A new Tax deduction of up to Rs 1.5 lakh has been proposed on Interest paid on Loans taken to purchase Electronic Vehicles.
Conditions for claiming the deduction
· The loan must be taken from a financial institution or a non-banking financial company for buying an electric vehicle.
· The loan must be sanctioned anytime during the period starting from 1 April 2019 till 31 March 2023.
·“Electric vehicle” has been defined to mean a vehicle which is powered exclusively by an electric motor whose traction energy is supplied exclusively by traction battery installed in the vehicle and has such electric regenerative braking system, which during braking provides for the conversion of vehicle kinetic energy into electrical energy.
Download And Prepare One by One Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare One by One Form 16 Part B in New Format for A.Y. 2020-21]
The main feature of this Excel Utility:-
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