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Budget 2023: There will be huge savings of 1.5 lakhs on buying Electric Vehicle before March 31, understand how

 

Electric Vehicle Tax Benefit: Know details

Image Credit source: Symbolic picture

Union Budget 2023: Only time will tell how this year’s budget is going to be for the Electric Vehicle segment or the auto sector. But today we are going to tell you how you can save a whopping Rs 1.50 lakh on buying an electric vehicle by March 2023.

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Budget 2023: Now only 8 days are left for the budget to come and then on February 1 the Finance Minister Nirmala Sitharaman Will present the budget for 2023-2024. Not only the auto sector but people also have a lot of hope from this budget, if you also electric car If you are planning to buy, then tell that if you buy an electric vehicle before March 31, 2023, then this decision can prove to be a profitable deal for you.

Yes, on purchasing an electric vehicle before March 31, you can avail tax benefit of up to Rs 1 lakh 50 thousand under section 80EEB of Income Tax. On the other hand, one thing that we want to make clear here is that in Budget 2023, if the government makes any changes related to it, then it is a different matter.

Remind that this section was introduced by the government in 2019, under this section, if any person buys an electric vehicle from 1 April 2019 to 31 March 2023, then he will be repaid on the loan taken by the government on EV. You get the benefit of a rebate of up to Rs 1.5 lakh on interest.

In such a situation, it is clear that till March 31, 2023, if any person buys an electric vehicle, then he will get the benefit of a rebate of up to 1 lakh 50 thousand under this rule of the government.

Government’s emphasis on EV

The government is pushing to increase the electric vehicle, so many media reports are pointing out that when the government is pushing for electric vehicles, then this tax benefit of Rs 1.50 lakh will be extended till March 2025 i.e. next year. Can be extended up to two years. On the other hand, if the government does not increase the tax benefit of Rs 1.50 lakh in this year’s budget, and in such a situation, if you buy a new electric vehicle in April 2023, then you will not be able to take advantage of this exemption, which directly means a loss of Rs 1.50 lakh. .

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