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
- 4739 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
How to calculate Gratuity & when it's applicable to employee after three years or Five years?...
paid vendor to RS 15000 and incentives of RS.5000 and deducted Rs.3000 as penalty so finally paid to vendor is Rs.17000. please let me know the journal entry for this.
Tell me what is the equation for acid-test ratio in accounting?
What are the disadvantages of double entry system?
In South Africa, the value added tax is administered by?
how to pass provision salary full and settlement(inclusive Bonus,Gratutity etc )please show me entry
How use Budget in SAP, i want to see the report of variant between budget and actuals.
What is the definition(meaning) for the Final accounts adjustment 'Uninsured goods lost fire'?
what are the voucher entries in tally for medical insurance
state (5) accounting concepts and give 1 example of each
I am working in govt. sec. How to make journal entry in books for Fix Deposit
1.Which type of records maintaing for Hotels and provision Stores. 2.in Which type of returns we are going to file. tell me whos know brefiely,,
What is definition of a cash float in accounting?
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 the definition of accounting?
