An individual taxpayer may have an electric vehicle for personal use or for business use. Amount of deductionĪ deduction for interest payments up to Rs 1,50,000 is available under Section 80EEB. Thus, if you are a HUF, AOP, Partnership firm, a company, or any other kind of taxpayer, you cannot claim any benefit under this section. This deduction is not available to any other taxpayer. The deduction under this section is available only to individuals. Features of Section 80EEB Eligibility criteria You can claim tax deduction benefits only if the loan is approved between 1 January 2019 and 31 March 2023. However, certain restrictions and conditions concerning the loan issuer and the electric vehicle must be followed in order to claim the 80EEB deduction. Section 80EEB of the Income Tax Act allows you to claim tax savings of up to Rs 1.5 lakh on interest paid on a loan made specifically to purchase an electric car. Benefits of invoicing software for small businesses.Form 26AS – What is Form 26AS? View & Download Form 26AS Online. PM Kisan – Registration, Beneficiary Status Check, 13th Installment Updates.PAN Card Download – 4 Ways to Download e-PAN Card Online Via NSDL, UTIITSL, AADHAAR, and e-Filing Website.How to save tax when you miss the income tax proof submission deadline.Section 80G – Donations Eligible Under Section 80G and 80GGA – 80G Exemption List.Sukanya Samriddhi Yojana (SSY) – Interest Rate 2023, Tax Benefits, Eligibility, Bank List, Age Limit & Other Details.Sections 206AB and 206CCA of Income Tax: Analysis, Applicability and FAQs.EPFO Claim Status - EPF Claim Status Check Online.ITR U – What is ITR-U Form and How to File ITR-U.Best Technology Mutual Funds in India 2023.Income Tax Deductions under Sec 80 CCD(1B).Form 15G, Form 15H to Save TDS on Interest Income.House Rent Allowance (HRA) - What is House Rent Allowance, HRA Exemption And Tax Deduction.How to file ITR Online – Step by Step Guide to Efile Income Tax Return, FY 2021-22 (AY 2022-23).46th GST Council Meeting: Latest News, Highlights and Updates.47th GST Council meeting: Latest News, Highlights and Updates.Budget 2022 Highlights : PDF Download, Key Takeaways, Important Points.Budget 2023 Highlights: PDF Download, Key Takeaways, Important Points.Which Is Better: Old vs New Tax Regime For Salaried Employees?.
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