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TAX related quarry : india?
can any one please let me know, if i am earning while i am still studying. can i take my fee as an tax wavier* from my total income over my tax exemption slab.
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my earning is lets say is a lum-sum amount not as a salary /// and it is crossing over tax slab !!!
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for an example:
my income over taxable income is 100,000 over (tax slab).. but i am paying 90,000/- as a fees to my master degree course per year....
can i use it as an exemption, as i am using it for studies ???
yes it is a full time master degree (MBA) course.... from well know university in ahmedabad (CEPT) and course is recognized by AICTE..
2 Answers
- SANTOSH KUMARLv 61 decade agoFavorite Answer
Firstly it should be known what type of income you are earning. as in income tax there are five sources of income and there are defferant treatment for all. I suppose your income is "Income from Business", in that situation tution fee can not be reduce as expenses related to your business. But Tution fee paid can be used for taking claim of section 80C which give deduction upto Rs 100000.00 in case investment/payment is made in specified avenue (Including tution fee)
- 1 decade ago
yes it can be done. you can claim your Tuition fees of Rs. 90,000 as deduction under chapter VI A subjected to the following conditions: The pursued course must be a full time course and the tuition fees paid to the institution, is to be an approved MGMT institute.