February 5, 2023

Budget 2023: Huge savings of Rs 1.5 lakh to buy electric vehicles before March 31, understand how Budget 2023 Electric vehicles up to 1.5 lakh tax benefit till 31 March 2023

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

Tax Benefits of Electric Vehicles: Know Details

Image credit source: Symbolic Images

Budget 2023: There are only 8 days left for the budget and then on February 1 Finance Minister Dr Nirmala Sitharaman Will present the budget for the year 2023-2024. Not only the auto sector but also people are very optimistic from this budget, if you are also planning to buy an electric car for yourself, say if you buy an electric car before March 31, 2023, then this decision is for you. Could be a lucrative deal.

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

Today’s big news

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

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

Government emphasis on EVs

The government is pushing for electric cars, so many media reports are indicating that while the government is pushing for electric cars, this Rs 1.50 lakh tax benefit will be extended till March 2025 i.e. may be extended till next year. 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 this scenario, if you buy a new electric car in April 2023, you will not be able to avail the benefit. This exemption, which directly means a loss of Rs.1.50 lakhs.

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