Interested to Buy Any Domain ? << Click Here >> for more details...
MY QUESTION IS OUR EMPLOYEE PAID SCHOOL FEES & TUTION FEES
& BUS FEES FOR CHILD EDUCATION. IN WHAT KIND OF FEES WE
TAKE DEDUCTION UNDER 80 C.
- 2 Answers
- 4751 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ameet narayankhedkar
The 80C Section deductions are introduced to boost savings
of employees on one side and save tax on the other side.
The most important aspect that needs to be kept in mind is
that the total exemption limit under section 80c is Rs
1,00,000/- only. This benefit is available to everyone,
irrespective of his or her income levels. Thus, if you are
in the highest tax bracket of 30%, and you invest the full
Rs. 1,00,000/-, you save tax of Rs. 30,000.
Tuition Fees deduction under section 80C
Amount paid as tuition fee for the education of two children
of the employee / Tax Payer is eligible for deduction under
section 80C of Indian Income Tax Act.
The following is section 80c deductions / exemption list:
1.Provident Fund (PF) deduction under section 80C
2.Life Insurance Premiums
3.ELSS Equity Linked Saving Schemes
4.ULIP – Unit Linked Insurance Plan
5.Bank Fixed deposits or Term deposits of term greater than
5 years
6.Principal part of EMI on Housing Loan deduction under
section 80C
7.Tuition Fees deduction under section 80C
8.Other 80C deduction:Amount saved in National Saving
Certificate (NSC), Infrastructure Bonds or Infra Bonds,
amount paid as stamp duty and registration charges while
buying a new home are eligible for income tax deductions
under section 80C of Indian Income Tax Act. I hope this
answers your question
| Is This Answer Correct ? | 0 Yes | 0 No |
what is depriciation, and its method
could i know how to accounting lease intrest ?
What is the difference in accounting and marketing and what is so different about them?
In South Africa, the value added tax is administered by?
Why loss shown in as Assets in Balance Sheet?
Dillution effect on EPS
what is Journal entry or Journal Voucher
What is the TDS deduction & Service chargges for FY 2011- 2012
in insolvency we have to prepare deficiency account but why we do not prepare this account as per general principle i.e Dr Cr To By etc , and deficiency account is which account?
what is holding cost
Do you know partitioning in accounting?
how to pass an entry for expenditure by deducting tds for customer
Audit 
