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Tax Talk: More tax sops for expenses on education needed
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The Income tax act stipulates exemptions and allowances to an individual taxpayer in respect of amounts expended towards education. The development of prominent skills initiates in primary years where although not significant but considerable costs are incurred by parents.
Where the employer contributes towards education cost incurred by his employees by way of an allowance, such allowance is exempt from tax under Section 10(14) of the Income Tax Act up to an amount of Rs 100 per month per child for a maximum of two children. The section also allows exemption in respect of hostel expenditure allowance for amounts up to Rs 300 per month per child for two children.
Deductions for tuition fees Under Section 80C, a parent can claim deductions of
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