Children’s Schooling Allowance Exemption (Sec 10 (14))

Education Allowance ExemptionIt is better to plan your income tax legal responsibility upfront. The federal government of India allows tax breaks & earnings tax exemption on the tuition fees paid by the person for their kids. To advertise It have to be noted that deduction is out there solely on the tutoring fees a part of the overall charges paid. Increased literacy charge & training of the kids within India, there is number of tax benefits which the person can take for reducing their taxable income.

Submit charges paid receipt to your HR department on time to avail deduction below part 80C. 100% of capital expenditure incurred for the purpose of enterprise is allowed as deduction provided specified companies commence operations on or after the prescribed dates.

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Travelling Allowance: Any allowance granted to fulfill the cost of travel on tour or on transfer of duty. Allowances granted to satisfy the price of journey on switch” contains any sum paid in reference to switch, packaging and transportation of personal effects of such switch.

Total amount incurred on scientific research is allowed as deduction. Deduction is allowed if you have actually paid the fees. Further you can not claim deduction for another quantity paid to highschool other than tuition price. 200% of expenditure so incurred shall be as deduction.