Electric vehicle: Buying an electric vehicle can help you save money, here is how you can get that

Electric vehicle: There is excellent news if you plan to drive any type of electronic car. Purchasing an electric car or scooter might have a lot of advantages. Therefore, it is best to shop wisely.

The government had offered a tax benefit for the purchase of electric vehicles in the Union Budget 2019. The administration added that this programme covers all registered vehicles. Section 80EEB of the Income Tax provides an exemption for the purchase of an electric vehicle.

Know the benefits

The government has a fantastic choice in electric vehicles to protect the environment and reduce spending trillions of rupees on crude oil. Therefore, every effort has been made to profit from this. For this, the government has included a new area. which the loan made for these automobiles will qualify for an 80EEB tax exemption. Customers here will get the chance to acquire an electric vehicle and save up to Rs 1,50,000 in income tax. It is important to remember that this exemption only applies to the loan’s interest, not to the principal loan amount.

Also read: Honda Motor: The best and most affordable bike in its class with extraordinary feature-set, details here

How to get discount

You must obtain a loan from a financial institution or non-banking financial organisation in order to purchase an electric vehicle. This loan ought to have been approved at some point between April 1, 2019, and March 31, 2023. According to MD of Neeraj Bhagat & Company Ruchika Bhagat, this exemption can be used for both personal and professional reasons.

Initial discount

Only personal taxpayers are eligible for this exemption. This deduction is not available to any other taxpayers. That is to say, this exemption is not available to HUF, AOP, partnership firms, corporations, or any other sort of taxpayer. Only one use of this discount is permitted.

Disclaimer: (This piece of information is purely informational. It is important to note that offers, discounts, and/ or any other scheme/ information/ statistics have to be verified by the readers from the respective sources personally. Readers are advised to invest or purchase solely at their own risk. DNP News Network Private Limited, website, or the writer doesn’t validate the offers in any context. We will not be liable for any financial or other losses.)

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