Tax incentive for electric vehicles, Indian Union Budget,2019

 

Indian Union Budget 2019-20 - Tax incentive for electric vehicles

 

As per Indian Budget 2019-2020, Tax incentive for electric vehicles

The following details explain about Tax incentive for electric vehicles, Indian Budget 2019 

To improve environment and to reduce vehicular pollution, it is proposed to insert a new section 80EEB in the Act so as to provide for a deduction in respect of interest on loan taken for purchase of an electric vehicle from any financial institution up to one lakh fifty thousand rupees subject to the following conditions: 

(a)    the loan has been sanctioned by a financial institution including a non-banking financial company during the period beginning on the 1st April, 2019 to 31st March, 2023; 

(b)  the assessee does not own any other electric vehicle on the date of sanction of loan.

 

It is also proposed that where a deduction under this section is allowed for any interest, deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year. 

This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to assessment year 2020-2021 and subsequent assessment years.

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

How to export goods from India?

How to get Export Order?

Export benefit schemes in India

Export procedures and documentation

How to import goods?

Pre-Import Procedure

What are the risks and solutions in Export Business? 
Click here to know India Trade Classification(ITC) 
Difference between MAWB and HAWB
 
Printing machine error with customs - Un able to hand over documents to carrier. 
How can a Freight forwarder provide airfreight rates better than airlines 
What happens, once Bill of Entry for Imports files?  
Service Tax - Click here to read complete notification under Budget 2014 
What is Bank post shipment credit to exporters? 
Types of export containers 
Measurement of export containers 
Foreign Trade Policy of India 2015-2020 
MEIS, Merchandise Exports from India Scheme 
SEIS, Service Exports from India Scheme 
Merge your Commercial Invoice and Packing List for all your future exports 
Export procedures and documentation

GST exemption list of goods and service

Find HSN number or Service tariff code for GST

GST registration guidelines

Indian GST Laws

Changes in IEC after GST

Linking IEC with GSTIN in customs

Import under EPCG after GST

Section 1 of UTGST Act 2017       

Section 172 of CGST Act, 2017 Removal of difficulties

Who is liable to deduct TDS under GST Law 

When TDS is not required under GST 

Tax Collection at Source (TCS) under GST 

How can actual suppliers claim credit of Tax Collection at Source (TCS) under GST


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers