Section
80E allows deduction in respect of payment of interest on loan taken from any the financial institution or any approved charitable institution for higher
education for the purpose of pursuing his higher education or for the purpose
of higher education of his spouse or his children or the student for whom he is
the legal guardian.
The deduction shall be allowed in computing the total income for the Financial year
in which the employee starts paying the interest on the loan taken and
immediately succeeding seven Financial years or until the Financial year in
which the interest is paid in full by the employee, whichever is earlier.
For the purpose of this section –
(a)
“approved charitable institution” means an institution established for
charitable purposes and approved by the prescribed authority section 10(23C),
or an institution referred to in section 80G(2)(a);
(b)
“financial institution” means a banking company to which the Banking Regulation
Act, 1949 applies (including any bank or banking institution referred to in
section 51 of that Act); or any other financial institution which the Central The government may, by notification in the Official Gazette, specify in this
behalf;
(c)
“higher education‖ means any course of study pursued after passing the Senior
Secondary Examination or it's equivalent from any school, board or university
recognized by the Central Government or State Government or local authority or
by any other authority authorized by the Central Government or State Government
or local authority to do so;
Download And Prepare At a Time 100 Employees Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 100 Employees Form 16 Part B in New Format for A.Y. 2020-21]
The the main feature of this Excel Utility:-
1)
Prepare At time 100 Employees
Excel Based Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT
Notification No.36/2019 Dated 12/04/2019 ]
2)
All the Amended Income Tax
Section have in this utility as per Budget 2019
3)
You can print individual Form
16 Part A&B
4)
Most easy to install just
like an Excel File
5)
Easy to Fill all column
6)
Automatic Convert the Amount
to the In-Words
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