WebYou can claim a deduction of up to Rs 1.5 Lakh under Section 80C of the Income Tax Act on your child's school or college fees, and reduce your taxable income. You can claim this deduction on the tuition fee of two children on an annual basis. Invest in Sukanya Samriddhi Yojna for your young daughter WebJul 6, 2024 · A Salaried individual can claim annual Transport allowance (conveyance allowance)of up to Rs 19,200 (Rs 1,600 pm)and up to Rs 38,400(Rs 3,200 pm)by differently-abled persons. The Salaried can also claim up to Rs 15,000 (Rs 1,250 pm)medical reimbursement.

Tax Benefits on Children Education Allowance, Tuition fees

WebIn the case of children, the exemption is allowed for up to 2 children born on or after 1st October 1998. For children born earlier, however, there is no maximum limit. Costs incurred on sightseeing, food, etc. would not be allowed as an exemption under LTA WebJul 25, 2024 · The new tax regime is applicable/ available from A.Y. 2024-22 onwards. The new income tax regime is applicable to every Individual irrespective of their age means the tax slab is also applicable for Senior Citizen and … elizabeth baumer

Allowances exempt under Section 10 in 2024 {Detailed List}

WebMar 3, 2024 · The Children's Education allowance is payable to “Central Government employees including citizens of Nepal and Bhutan, who are employees of Government of … WebEducation Allowance: The purpose of the education allowance is to assist an employee in defraying those costs necessary to obtain educational services (grades K-12) that … WebJul 11, 2024 · 6. Overtime Allowance: Some employers compensate for the overtime done by their employees. This allowance is taxable in the employee's hands. 7. Children Education Allowance: If you are … elizabeth bauer