Section 80EEB of the Income Tax Act, introduced in the Union Budget 2019, offers a tax deduction of up to ₹1.5 lakh on the interest paid for loans taken exclusively to purchase electric vehicles (EVs). This provision aims to promote the adoption of eco-friendly transportation by providing financial incentives to individual taxpayers. The loan must be sanctioned between April 1, 2019, and March 31, 2023, from a financial institution or a non-banking financial company (NBFC).