Section 80E of the Income-tax Act specifies that it is applicable only to specified financial institutions, including banks and any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. Deduction for any income by way of royalty for a patent registered on or after 01.04.2003 under the Patents Act 1970 shall be available up to Rs.Find out the Tax Benefits of Education Loan under Section 80E Income Tax deductions. For an Individual tax payer, Income Tax Act provides for deduction of interest paid on two types of loans Home Loan and Education Loan.To know more about section 80C deductions, please read Saving Income Tax through Smart Tax Planning Guide to Section 80C Deductions. 1) An Individual is also entitled to claim deduction u/s. 80 C of The Income Tax Act, 1961 upto Rs. 1,00,000 in the year of payment in respect of as tuition fees (excluding any payment towards any development fees or donation or payment of similar nature) Опубликовано: 31 янв. 2017 г. An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of the Income Tax Act, 1961. PENALTIES Under Income Tax Act. 1961. Tax Saving Schemes for Individual -Instant Guide.NRI (Tax Planning,Saving,Investemnt). Budget 2017-2018.
GST (FAQ, Law, Act. Rules, Schedule, Enrollment). FAQs - Income Tax India. Income Tax Act provides for administration, levy, collection and recovery of Income Tax. Recently the Government of India has brought out a draft statute called the Direct Taxes Code intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16. Common Questions Asked on Section 80C. Income tax returns- deductions under section 80C income tax act 1961. Is tuition fee paid -for self education- exempt from tax section 80C income tax act 1961. income tax act. All. News. Photos. Videos.It is easy to reduce your tax burden if you are aware of various tax exemptions that are eligible under various Sections of the Income Tax Act. Interest on Education Loan is covered under section 80E of the Income Tax Act, 1961. Section 80E Deduction is introduced to encourage students to go for higher studies.
As per Section 80E of Income Tax Act,1961. In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax