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.
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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
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