I am paying EMI for my electric scooter since April 2023. Can I claim a deduction for the interest payment u/s 80EEB for the AY 2024-25? Is the deduction still applicable? The loan was sanctioned in April 2023.
Sanjay
Deduction under Section 80EEB is available for individuals in respect of interest paid on loan taken for purchase of electric car and not for purchase of electric scooter. The maximum limit is ₹1.5 lakh. Further, the loan should have been from April 1, 2019, to March 31, 2023, in order to claim interest deduction. As you have not purchased electric car and the loan is taken in April 2023, you would not be eligible to claim deduction under Section 80EEB.
I worked in a PSB and retired in June 2023 after attaining superannuation. I will be receiving pension in addition to interest income from FDs to be placed out of the terminal benefits. In case I pick up a job as a consultant in the financial services industry after retirement, I want clarity regarding these aspects: a) Whether this profession is covered under section 44ADA; b) How the income from consultancy will be clubbed with pension cum interest income.
Mahesh
Section 44ADA is applicable to taxpayers engaged in specified professions (as listed in Section 44AA), whereby a fixed portion (minimum 50 per cent) of their turnover is deemed as taxable profits. You may note that the following are considered as professional services eligible for presumptive taxation under section 44ADA: legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified (currently authorised representative, film artist, company secretary and information technology have been notified).