Income Tax Saving Tips: To save income tax, people resort to savings in many ways. In such a situation, you should know that under Section 80C and 80E of the Income Tax Act, you can take advantage of tax exemption on education loans and the education of children. Let us tell you how you can get this discount and what are the terms and conditions for it.
Up to 1.5 lakh discount on the education of 2 children
Talking about Section 80C of the Income Tax Act, under this, a maximum exemption of up to Rs 1.5 lakh can be availed on the education of two children. It is important to note that this exemption is available only for full-time education and only tuition fee can be included in this. There is a provision in this section of income tax that if a working couple has 3 children, then they can claim the fees of 2 and 1 child separately in their ITR for tax exemption.
Income tax exemption on education loan interest
Let’s now discuss the Income Tax Act’s Section 80E. Any person filing ITR under this section can get the benefit of tax exemption on interest on education loans taken for the education of children. The amount of tax exemption has no upper bound. If the couple has taken an education loan for the education of both the children, then they can claim a rebate on the interest of both. There is a condition in this that this exemption can be taken only if the loan is taken from any bank or financial institution.
By July 31st, file your income tax return.
Let us inform you that the ITR filing deadline is July 31st this year as it is every year. So far 3 crore people have filed their income tax returns. If you have not filed your return yet, do it immediately within the next 2 days. Failure to do so may result in a fine of up to five thousand rupees.
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