Question
Which section of the Income Tax Act, 1961, allows a
deduction of interest paid on loan taken for purchase of an electric vehicle?Solution
Section 80EEB allows a deduction of up to Rs. 1.5 lakh on the interest paid on loan taken by an individual for the purchase of an electric vehicle. The deduction is available for the assessment year beginning on the 1st day of April, 2020 and subsequent assessment years.
The price of a commodity has risen by 40%, leading to a 25% decrease in the quantity sold. What is the overall impact on total revenue?
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'S' spends 15% of his monthly income on travel, 45% on rent, and 10% of the remaining amount on groceries. He saves the rest in an investment scheme tha...
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