Section 80E

Section 80E: Tax benefit for Interest on Loan taken for Higher Education

Income Tax - Section 80E- Deduction for Interest on Loan taken for Higher Education If you have taken a loan for higher studies (even though pursuing in abroad) and are repaying the same, then the interest paid on that education loan is allowed as deduction u/s 80E. However, the deduction is only available for the interest part of […]...

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Income Tax Saving Investments For Salaried Individuals

Income Tax - Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...

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An overview on different types of Income Tax Deductions in India

Income Tax - Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisio...

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TDS on Salaries – Procedure to deduct TDS – Compliances

Income Tax - TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...

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Now is the time to attack! Start firing bullets at your taxes

Income Tax - Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

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Assessee needs to discharge initial onus in case of Commission to Related Party

Yogendra Khandelwal Vs ACIT (ITAT Jaipur) - LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in ...

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Notification No. 79/2010-Income Tax Dated 13/10/2010

Notification No. 79/2010-Income Tax - (13/10/2010) - Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction - In respect of interest on loan taken for higher education - Financial institution notified for purpose of section 80E(3)(b)...

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Recent Posts in "Section 80E"

Section 80E: Tax benefit for Interest on Loan taken for Higher Education

Section 80E- Deduction for Interest on Loan taken for Higher Education If you have taken a loan for higher studies (even though pursuing in abroad) and are repaying the same, then the interest paid on that education loan is allowed as deduction u/s 80E. However, the deduction is only available for the interest part of […]...

Read More
Posted Under: Income Tax |

Income Tax Saving Investments For Salaried Individuals

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...

Read More
Posted Under: Income Tax |

An overview on different types of Income Tax Deductions in India

Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisio...

Read More
Posted Under: Income Tax |

TDS on Salaries – Procedure to deduct TDS – Compliances

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...

Read More
Posted Under: Income Tax | ,

Now is the time to attack! Start firing bullets at your taxes

Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots....

Read More
Posted Under: Income Tax |

How to Save Income Tax

You can save your Income Tax lawfully.There are various deductions available through which you can save your tax.Utilize the investment process properly for your tax planning.We will discuss about the same:- DEDUCTION U/S 80C, DEDUCTION U/S 80D, DEDUCTION U/S 80E, DEDUCTION U/S 80TTA...

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Posted Under: Income Tax |

All about section 80E of Income Tax Act, 1961

Essential conditions for claiming deduction under section 80E of income tax act, 1961 for Interest on Education Loans: This deduction under section 80E for for Interest on Education Loans is over and above the Rs 1,50,000 deduction allowed under section 80C of Income Tax Act, 1961. 1 Who Can Claim deduction under section 80E ONLY [&hellip...

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Posted Under: Income Tax |

Deduction under section 80E of Income Tax Act

Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under sect...

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Posted Under: Income Tax |

General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D ...

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Posted Under: Income Tax |

Assessee needs to discharge initial onus in case of Commission to Related Party

Yogendra Khandelwal Vs ACIT (ITAT Jaipur)

LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in favour of assessee that interest free fu...

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Tax benefits for education

In order to promote education, the government provides certain relief to the individual tax payers in respect of certain expenses incurred by them for education.  Let us discuss these tax benefits. Tax benefits on Tuition fee for children You can claim deduction upto Rs. 1.50 lakh every year for tuition fee paid for full time […]...

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Posted Under: Income Tax |

School reopens! Unresolved questions of its Fees in Income Tax

Arjuna (Fictional Character): Krishna, July is here, Schools / colleges soon will reopen. Therefore Parents are busy in their children’s school preparation. Today, tell us in detail about education expenses and provisions relating to it under Income Tax Act...

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Posted Under: Income Tax |

Tips to save Income tax for Salaried Person

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus needed to achieve those goals....

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Section 80E -Tax Concession on Education Loan

Section 80E of the Income Tax Act, 1961 provides for a deduction to an assessee (being an individual), out of his income chargeable to tax, on account of any amount paid by him in the previous year by way of interest on loan taken by him from any financial institution or any approved charitable institution for the purpose of pursing his h...

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Posted Under: Income Tax |

Deduction we use to forget while computing taxable income

Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will...

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Personal Loan Benefits for Education to Individuals in 30% Tax Bracket

Pursuing higher education is a dream for many. Many people wish to pursue their further education through a masters or a doctorate program. Some may choose to study within the country, while some may enroll at a university outside the country....

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Posted Under: Income Tax |

Section 80E- Education Loan– The Mantra to Save Tax

The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the en...

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Posted Under: Income Tax |

Deduction on children’s education u/s. 80C & 80E

Articles deal with provisions of deduction Under Section 80C on Tuition Fees Paid for children's education and Under Section 80E on Interest paid on Education loan. The deduction on payments made towards tuition fee can be claimed up to Rs. 1,50,000/- from A.Y. 2015-16, together with deduction in respect of insurance, provident fund and ...

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Section 80E Deduction for Interest on education Loan

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax benefits that you are entitled to. Then here is a guide that will assist you to know tax benefits on education loans. These benefits help you to reduce the ov...

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Posted Under: Income Tax |

10 lesser known Income Tax Deductions

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while...

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Tax Planning under section 80C and Section 80E

DEDUCTION U/s 80E -1. Conditions : Applicable to Individuals not to HUF Loan must be taken for Higher studies Loan must have been taken from approved financial and charitable institutions Only Interest is allowed as deduction Deduction is allowed only for 8 years from the date repayment not more than that ...

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Posted Under: Income Tax |

Income Tax provisions – Individual Salaried for A.Y 2015-16

The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season....

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Save taxes while applying for an education loan

Admission season is on and it’s that time of the year when every student is hoping to get in to a good college to pursue their higher studies. Once the admissions are sorted the next challenging step is to arrange the finances. The admission fee for higher studies is usually not a small amount and […]...

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Notification No. 79/2010-Income Tax Dated 13/10/2010

Notification No. 79/2010-Income Tax (13/10/2010)

Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction - In respect of interest on loan taken for higher education - Financial institution notified for purpose of section 80E(3)(b)...

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