Estimate your potential income tax savings on an EV loan under Section 80EEB of the Indian Income Tax Act (old tax regime).
Important: Section 80EEB applies only to individual taxpayers (not HUF, firms or companies). The loan must have been sanctioned between April 1, 2019 and March 31, 2023. Applicable only for those opting for the Old Tax Regime. Consult a tax advisor for personalised advice.
Results
Total Interest Paid over Loan Tenure–
Average Annual Interest Paid–
Maximum Deduction (Section 80EEB)₹1,50,000
Your Eligible Deduction (per year)–
Estimated Annual Tax Saving–
About Section 80EEB
Section 80EEB of the Income Tax Act, 1961 was introduced in Budget 2019 to encourage adoption of electric vehicles. It allows individual taxpayers to claim a deduction of up to ₹1.5 lakh per financial year on interest paid on loans taken for the purchase of electric vehicles.