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Showing posts with label Relief from Education Loan Interest U/s 80E. Show all posts
Showing posts with label Relief from Education Loan Interest U/s 80E. Show all posts

Sunday 12 October 2014

Download Part A&B FY 2014-15 , Download Part B for FY 2014-15
Click above to download Master of Form 16 Part A&B and Part B
If you need to reduce your time for preparation of Income Tax Form 16 Part A&B and Part B for the Financial Year 2014-15, you can use this Excel Utility, which can prepare at a time 100 employees Form 16 Part A&B and Part B.[ You can prepare more than 1000 employees Form 16 by this one Excel Utility] Download the utility from below link
Feature of this utility :-
  • Prepare at a time 100 employees Form 16 Part A&B And Part B [Separately]
  • All the new Income Tax Section and New Tax Slab for FY 2014-15 have in this utility
  • Prevent the double entry of PAN and Name of employee automatically
  • Automatic Convert the Amount in to the In words ( without any Excel Formula)
  • Easy to generate and easy to install in any computer
  • Individual Salary Structure ( Early Basis) have in this utility

Deduction U/s 80E ( Educational Loan interest)
Education loans are a convenient and popular option for many, to meet the cost of higher education. Did you also know that under Section 80E of the Income Tax Act, repayment of this education loan could be used to claim a deduction? Read on to find out, what this section offers and how to utilize it to your benefit.
    
Deduction in Respect to Repayment of Education Loan
If you have taken an education loan from any financial institution or an approved charitable institution, Section 80E provides a tax deduction on the loan interest that you are paying.
          
Who is Eligible?
Individual assesses only. So, if you are part of an HUF, this deduction cannot be claimed by you.
                          
Deduction Limit
The entire interest paid on the education loan could be used to claim a deduction. There is no cap on the deduction amount. However, one needs to remember, that there is no tax benefit on the principal repayment of the loan.
           
Scope of Deduction
The loan should be taken for the sole purpose of higher education. It could either be for the individual, spouse or children. Loans for the higher education of siblings, in-laws, nephew or niece, will not qualify for any deduction. Also, from assessment year 2010-11, deduction could be claimed for the student for whom the individual or assessee is the legal guardian.
The education loan should be taken from either a financial institution or an approved charitable trust. Loans taken from friends, employer or relatives do not qualify for a deduction.
          
Courses Eligible for Deduction
From assessment year 2010-11, the government has extended the benefit in Section 80E to all streams of studies including regular courses as well as vocational courses, pursued after passing the Senior Secondary Examination from a recognized Board. 
      
Education Loans taken for full time courses only are eligible. Any graduate course (as mentioned above), or, post-graduate courses in engineering, medicine, management, applied sciences, mathematics or statistics are considered for a deduction. No deduction is available for part-time courses.
           
Deduction Period
The deduction is available for a total of eight years or till the principal and interest amount have been repaid, whichever comes earlier. This eight years would include the year in which the loan repayment starts and seven years following this year. So even if your loan tenure exceeds these eight years, no deductions can be claimed beyond this.
          
Key Factors to Keep in Mind
a) Loan should be in the name of individual claiming deduction. No deduction can be claimed for loans in the name of parents, spouse or sibling; even if the loan was taken for your studies.
b) The course need not be pursued in India. Loans for overseas courses are also permissible for a deduction.
c) Deduction would be applicable only when the individual starts repaying the loan.
             
A final word…
The benefit under section 80E is over and above the tax benefits under section 80C. So if you have utilized your limit under section 80C, this could be a further opportunity to reduce your tax outgo.
Download below link the Master of Form 16 Part A&B and Part B for FY 2014-15
If you need to reduce your time for preparation of Income Tax Form 16 Part A&B for the Financial Year 2014-15, you can use this Excel Utility, which can prepare at a time 100 employees Form 16 Part A&B and Part B.[ You can prepare more than 1000 employees Form 16 by this one Excel Utility] 
Feature of this utility :-
  • Prepare at a time 100 employees Form 16 Part A&B And Part B [Separately]
  • All the new Income Tax Section and New Tax Slab for FY 2014-15 have in this utility
  • Prevent the double entry of PAN and Name of employee automatically
  • Automatic Convert the Amount in to the In words ( without any Excel Formula)
  • Easy to generate and easy to install in any computer
  • Individual Salary Structure ( Early Basis) have in this utility
Download the utility from below link