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of <h1>Finance Bill 2019 Introduces Section 80EEB for Tax Deductions on Electric Vehicle Loan Interest.</h1> The Finance Bill 2019 proposes a new section 80EEB to offer tax deductions for interest on loans up to 1.5 lakh rupees for purchasing electric vehicles. Eligible loans must be sanctioned by financial institutions, including non-banking financial companies, between April 1, 2019, and March 31, 2023. The deduction is available only if the borrower does not own another electric vehicle at the loan's sanction date. This benefit is exclusive, meaning it cannot be claimed under any other tax provisions. The amendment is effective from April 1, 2020, applicable to the assessment year 2020-2021 and onwards.
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