Slash Your Tax Bill: Hidden School Fee Deductions Every Parent Must Know!

Parents, wake up! The new school term is coming. It's now time to utilise tax deductions on your children's education cost. You can get deductions up to Rs. 1.5 lakh a financial year for fee of two kids' full-time courses from play school to further studies under Section 80C of the Income Tax Act. Note that the tuition fee is the only expense that can qualify; transport, development charges, and gifts don't qualify. Both father and mother are able to claim separately, effectively doubling the incentive. Salaried employees are also able to use Children's Education Allowance exemption under Section 10(14). Do not lose these benefits of cutting down your tax expenses while providing a secure future to your child.

 

Sources: Moneycontrol, CNBC TV18, Paytm Blog