Vani Hegde
Finance
Sai Shiridi
Executive - Finance & Accts
+2 Others


Hi......need an advice pls..

Reg: Income Tax Return to be filed in July 08 for AY 2008-09 :

1) Ref "Educational fees" deductable :
a) Is children's Edu-fees deductable from the Taxable income ?
b) Is this deduction under 80-C,
c) if so, the max deductable including LIC premium, is it Rs one lakh..?
c) Is 'Edu fees paid for studies-abroad' also covered by this ?

2) In the case of a person who took reitirement in the same Financial Year (2007-08) and if the Form-16 does NOT show 'non taxable amounts' [ PF and 'non-taxable part of gratuity' ], still, while filing Income Tax Return (AY 2008-08), does he have to show / report these incomes also for 'reporting purpose' - though not taxable ..?

Awaiting an early advice pls.
Thanks a lot in advance..!
regards



Any tution fees paid for the education of children is allowed as deduction under Section 80C of Income Tax Act upto a maximum of Rs.24,000, i.e., Rs.12,000/- per child upto a max.of 2 children. Other than Tution fees, LIC premium, investment in SSC, Fixed deposits with banks, investment in Mutual funds, repayment of Housing Loan Principal, etc. are allowed as deduction under Section 80C. But maximum amount of deduction allowable under Section 80C is restricted to Rs.1Lakh.
Regards,
Vani
1. education fee is not deductable repayment of loan for educational fee is deductable.
2.Yes Only tution fee of the assesee Children is deductable upto the extent 12000/- 1 child and 24000/- for 2 Children.
3.Tution fee of Children is 80C Diduction where as repayment of education loan wiil fall u/s 80E.
4. Max limit for aggregate of 80C 80CCC & 80DDD is 100000/- Including PF, LIC, Children education fee mutualfunds Contrubution pension plan and ETC
Dear Jimson,

Reg: Income Tax Return to be filed in July 08 for AY 2008-09 :
1) Ref "Educational fees" deductable : - yes
a) Is children's Edu-fees deductable from the Taxable income - yes up 24000
b) Is this deduction under 80-C, - yes
c) if so, the max deductable including LIC premium, is it Rs 24000
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