Sec 80E provides that, if you have taken any loan to pursue higher education. Then you can claim deduction of the interest amount that you have repaid to the bank.
But like every time, our income tax department, does not provide relief “without any ifs & buts”.
If you want to claim benefit of 80E, then loan must be taken from:
|For 8 A.Y’s starting from the assessment year you start paying interest on loan.||When interest is fully paid before completion 8 A.Y’s.|
Yes, you can claim deduction under 80C even if return is filed under 44ADA.
Yes, investment made under provident funds comes under 80C
No, recurring deposits does not come under 80C of the act however, fixed deposits comes under 80C.
The maximum amount which can be saved through 80C is INR 15 lakhs.
Yes, deductions under 80C is allowed for those who are filing returns under presumptive income.
Term insurance can be availed under section 80C and 80D both.
Yes, investment in NPS comes under 80C and can be claimed under 80CCD also.
You can claim deduction under 80D for any medical insurance paid upto INR 25000 in case of normal citizens. Moreover, if you take care of disable person you can claim a deduction under section 80DD upto INR 75000
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