Training Allowance Exemption Restrict

Education Allowance ExemptionFind out the tax advantages on kids schooling allowance, tuition charges & faculty fees. Deduction is allowed up to Rs. 1,50,000 for a year for current assessment 12 months. Actually tuition fee with different deductions shouldn’t cross most limit allowed under section 80C. One of many essential expenditure that you can claim as a deduction is tuition payment you pay for your children.

b) If taxpayer couldn’t make investments the capital positive aspects to acquire new asset earlier than due date of furnishing of return, the capital good points could be deposited before due date for furnishing of return of income in deposit account in any department of a nationalized bank in accordance with Capital Gain Account Scheme 1988.

I am a central Govt. employee, working in Earnings Tax Department. My daughter is studying in school VIII in Modern High College for Girls, Kolkata. I have to pay faculty charges to the varsity through ECS i.e. electronic switch from financial institution. The school does not subject bodily receipt towards the said fees fee. College issues e-receipt which now we have to generate from the web site of the varsity. For claiming reimbursement of Children Training Allowance I’ve no choice but to submit the mentioned e-receipt treating it as authentic receipt. However, here workplace of the ZAO, Kolkata raises objection on this respect and doesn’t deal with the e-receipt as authentic receipt. I’m enclosing a copy of the stated e-receipt in your prepared reference.

Find out the tax advantages on kids education allowance, tuition fees & school fees. Know in regards to the tuition and costs deduction below section 80c. Revenue expenditure on scientific research pertaining to business of assessee is allowed as deduction (Subject to certain conditions).

The utmost deduction on funds made in the direction of tuition fee can be claimed up to INR 1.50 lakh together with the deduction in respect of insurance coverage, provident fund, pension and many others. in a monetary year. The deduction is offered just for full-time schooling courses that include Nursery School, Creches & play faculties.