Studying abroad has become normal due to globalization and taxpayers should beware that any fees paid to foreign universities, colleges or schools are eligible for a deduction from taxable income. Questions about this come to the income tax practitioners while filing the income tax returns. Section 80C of the Income Tax Act, 1961 deals with the above particulars. As per section 80C of the Income Tax Act,1961, while computing the taxable income of an individual and HUF, any sum paid towards the education of the child (up to 2 children) to the university, college or school as tuition fees are allowed as a deduction from the taxable income up to Rs.1,50,000/-. The above eligible amount specifically excludes payment of developmental fees or payment of donations or of such kind. Further, the fees payment must be for a full-time course of study. So at a glance, any fees paid as tuition fees, to foreign universities, colleges, and schools also become eligible for it up ...
On the introduction of the recent E-way bill legislation, every business person is confused about it and rushing to advocates and tax consultants. Here is a quick tip to prepare your client for the E-way bill. Under the E-way bill mechanism, every transporter must carry e-way bill when transporting goods valuing more than Rs. 50,000/-. EBN number will be generated for its reference. It is necessary to generate for the sales, transfer, and exchange of goods. It must be generated online on the ewaybill.nic.in portal. The general validity period of the E-way bill is 24 hours. Persons responsible to generate The Registered person under GST must generate the E-way bill for the movements of the goods more than Rs. 50,000/- further registered person can choose to generate E-way bill for goods less than Rs. 50,000/- even if it is not necessary to do so. Unregistered Person – in case of the supply from unregistered person to registered person, responsibility of t...