It is better to plan your revenue tax liability upfront. Any allowance granted to an employee working in any transport system to meet his private expenditure throughout responsibility performed in the course of working of such transport from one place to a different. 175% of sum paid to such affiliation, college, school, or other establishment is allowed as deduction.
Other than Part 80c,Children’s schooling allowance up to Rs. 100 monthly per youngster for a most of two kids and Hostel expenditure allowance of Rs. 300 per 30 days per child for a most of two youngsters is exempt from Revenue Tax. Therefore 1200 solely declare on this 12 months. However since a part of the allowance relates to previous year you possibly can claim relief underneath Section 89(1).
The deduction is allowed as much as 2 kids. Content from advertisers who pay to appear in Yahoo results. How many Children?: Deduction is obtainable to a most of two youngsters for each individual. Subsequently, a most of four kids deduction will be claimed, i.e. 2 by every guardian.
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Amount exempt from tax varies from Rs. 200 per 30 days to Rs. 1,300 per month. When you’ve got incurred any expense for educating your child in overseas nation then deduction isn’t allowed. One of the less popular but allowed deduction is schooling and hostel allowance for your little one.