Do you know, an education loan not only helps you to fund your higher education but also provides tax benefits. Section 80E of the income tax act, 1961, allows you to take such benefits.In this article, let us understand how to save income tax if you have taken an education loan for higher studiesWhat is section 80E?Section 80E of the Income tax act, 1961, helps … [Read more...] about Tax deduction for interest paid on education loan – Section 80E
Deductions
How to claim tax deduction on tuition fees
Tuition fees paid to a university, college, school or educational institution located in India for full time education are eligible for tax deduction under section 80C of income tax act, 1961.Income tax deduction limit for tuition fees is within the overall limit of section 80C. For the financial year 2022-23 (Assessment Year 2023-24) and financial year 2023-24 (Assessement … [Read more...] about How to claim tax deduction on tuition fees
Tax deduction for medical treatment of specified diseases-Section 80DDB
Section 80DDB of the Income tax act, 1961, gives tax benefits to an individual and a Hindu undivided family for the expenditure incurred for medical treatment. Often taxpayers confuse Section 80U, 80DD, and 80DDB while claiming the tax deduction.In this article, we will be discussing all the provisions of section 80DDB so that you will be in a position to know who is … [Read more...] about Tax deduction for medical treatment of specified diseases-Section 80DDB