Discover out the tax advantages on kids schooling allowance, tuition fees & faculty charges. children educationALOWANCE can be exempted up to Rs.100per month per baby most two child. and hostel expenditure allowance exempted upto Rs.300 per month per chile maximum two baby. Late faculty charges paid is also not eligible for deduction.
Any allowance granted to an employee working in any transport system to satisfy his private expenditure during responsibility performed in the middle of operating of such transport from one place to another. a hundred seventy five% of sum paid to such association, college, school, or other institution is allowed as deduction.
All taxpayers which set up an undertaking or enterprise for manufacturing or manufacture of any article or factor in any notified backward area within the state of Andhra Pradesh, Bihar, Telangana or West Bengal. ClearTax affords taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. ClearTax serves 1.5+ Million comfortable customers, 20000+ CAs & tax experts & 10000+ businesses throughout India.
Discover out the tax advantages on kids schooling allowance, tuition fees & faculty charges. Know about the tuition and charges deduction beneath section 80c. Income expenditure on scientific analysis pertaining to business of assessee is allowed as deduction (Topic to certain situations).
It’s advised that you just plan your taxes prematurely and avoid final minute rush. In case you working below employment, update your payroll records with HR department to include expenses incurred on schooling of your youngster. Childern Training Allowance is exempted only upto Rs. a hundred per thirty days per baby upto two childerns.