80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax …

Who can claim deduction under section 80C?

It allows for a maximum deduction of up to Rs. 1.5 lakh every year from an investor’s total taxable income. Section 80C is applicable only for individual taxpayers and Hindu Undivided Families. Corporate bodies, partnership firms, and other businesses are not qualified to avail tax exemptions under Section 80C.

What is Section 80C with example?

The amount you claim under this section is reduced from your gross total income for the purposes of computing income tax. For example, if your gross total income is Rs 10 lakh and you have claimed a deduction of Rs 1.5 lakh under Section 80C, your taxable income becomes Rs 8.5 lakh.

What is Section 80EEA exemption?

Section 80EEA – Deduction for interest paid on home loan for affordable housing. The existing provisions of Section 80EE allow a deduction up to Rs 50,000 for interest paid by first-time home buyers for loan sanctioned from a financial institution between 1 April 2016 and 31 March 2017.

What makes you eligible for a tuition exemption?

If an individual is a qualifying student who receives a scholarship for an occupational skills course, the individual may be eligible to claim a scholarship exemption. The official tax receipt or form you received from your educational institution will indicate the amount of eligible tuition fees that you paid for that calendar year.

Are there any fees that are not eligible for tuition?

Ancillary fees or charges exceeding $250 and paid in respect of an occupational, trade, or professional examination are not eligible tuition fees unless they are required to be paid by all individuals taking the examination. You should be provided with a receipt to substantiate your eligible exam fees.

What can an employer do to help with tuition?

Generally, these employers offer a smaller amount to help offset the cost of education. For example, Starbucks offers up to $1,000 a year in tuition assistance for qualified employees, while the convenience store chain Quiktrip offers up to $2,000 annually.

Is the education expense exclusion limited to tuition?

The education expense exclusion is limited to tuition. Tuition means the amount of money required for enrollment. It includes tuition for part-time students. It does not cover books, supplies, room and board or similar expenses.