'I-T deduction on loans for EV purchase is welcomed'

Income tax deduction on loans for EV purchase is an extremely welcome move by the new Finance Ministry.

By Akshay Singhal

"Income tax deduction on loans for EV purchase is an extremely welcome move by the new Finance Ministry. EVs are pricier than usual vehicles as initial cost, hence this will boost adoption. Relief from angel tax is also a big thumbs up and relief for startups. However, better structuring is required for deployment of Fund of Funds to ensure benefit to high technology intensive startups which fall in the category of high risk, high reward. This is important for development indigenous core technologies like battery manufacturing, fuel cell manufacturing, etc."

The author is Founder of Log 9 materials.