80c Education Fees Deduction

1 Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for ones children. No you cant claim.


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Some employers allow higher deduction towards EPF.

80c education fees deduction. Tax Deduction on Tuition Fees under Section 80C Apart from Childrens Education fee a separate Tax Deduction can be claimed on Tuition Fee paid by parents for the education of their children. The Section only allows for deduction of monthly tuition fees paid to school college or any other recognised university for full time education of maximum two children of an individual. As per the provisions of Section 80C deduction can be claimed for tuition fees paid for two children to University College School or other educational institutions situated in India.

This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act 1961. 150000 for a year for current assessment year. A Savings in Provident Fund.

In the context of the same Section-80C of the Income Tax Act 1961 allows for deduction for expenditure incurred towards education of children by the assessee a person by whom income-tax or any other sum of money is payable under this Act. The deduction can be claimed for FY 2020-2022. Actually tuition fee with other deductions should not cross maximum limit allowed under section 80C.

The deduction is available on actual payment such as if the fees for March 2020 is paid in April 2020. Section 80C offers income tax deduction on tuition fee paid for children education on all the below parameters- A tax payer can claim deduction on the amount paid as tuition fee at the schoolcollege of a child. Deduction is allowed if you have actually paid the fees.

If you have 3 child you can claim deduction only for 2 children. For tax purposes the fee reduces the total gross income which in turn reduces the tax liability. Deduction is allowed up to 2 children.

2 Each parent can claim the deduction for the tuition fees paid for up to two children each thereby covering a maximum of four children in a family. The claim amount should not exceed 15 lakh under Section 80C Section 80CCC and Section 80CCD. Taxpayers can avail deductions to a tune of Rs 15 lakh under Section 80C as per 2020-21 tax slabs with other investments also eligible for this rebate.

Section 80C of the Income Tax Act has provisions for tax deductions on tuitioneducation fees paid by a parent towards educating hisher children. Q4 Can I claim deduction under section 80C for tuition fees paid to an Indian institution for my wifes education. This deduction is available on payment basis within the overall limit under Section 80C and this facility is available for full time courses only.

One must know the fact that if the assessee has paid tuition fees for his studies or for studies of spouse he will not be eligible to claim the said fees as deduction us 80C. Deduction of payment made towards Tuition Fees under section 80C A parent can claim a deduction on the amount paid as tuition fees to a university college school or any other educational institution. 1 Deduction from taxable income under Section 80C is available to individual taxpayers up to a maximum amount of Rs1 lakh for education expenses incurred for ones children.

80C is available only for tuition fees paid for two childrens education. ANo deduction under 80C is available if schoolcollegeuniversity or other educational institution is situated outside IndiaDeduction under section 80C is available for tution fees even if collegeuniversity or school situated in India though affiliated to foreign university. Tax Deduction on Tuition Fees under Section 80C Under the provision made under the Section 80C of the Income Tax Act 1961 the parent can avail tax benefits on tuition and school fees which includes schools colleges universities and any educational institute.

Other components of fees like development fees and transport fees are not eligible for deduction under Section 80C. The school can be a government public or private school. A fixed percentage of basic salary ranges from 833 12 is deducted by your employer towards the Employees Provident Fund EPF.

Deduction is allowed up to Rs. 3 This deduction. Salaried income tax payee are usually have a forced saving which are eligible for deduction under section 80C.

In simple language Sec - 80C can help taxpayers save taxes on various investments and expenses. Deduction us 80C regarding tuition fees is available to individual assessee and not for HUF and this deduction is available for any two children. Under section 80 c income tax deduction benefit on tuition fees can be claimed only when the school is located in India and is a recognized school by the Indian Government.

This deduction includes any Tuition Fee paid at the time of admission or any other time to a registered School College or University which is based in India. This deduction is allowed on the tuition fees paid for upto two children. 2 Each parent can claim the deduction for the tuition fees paid for up to two children each thereby covering a maximum of four children in a family.

The amount of tax benefit is within the overall limit of the section of Rs 15 lakh a year.


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