Tax Deductions under Section 80E for Education Loans,Plus Master of Form 16 Part A&B and Part B for FY 2014-15 ( Prepare at a time 100 employees Form 16 Part A&B)

Download Part A&B FY 2014-15 , Download Part B for FY 2014-15
Click above to download Master of Form 16 Part A&B and Part B
If
you need to reduce your time for preparation of Income Tax Form 16 Part
A&B and Part B for the Financial Year 2014-15, you can use this
Excel Utility, which can prepare at a time 100 employees Form 16 Part
A&B and Part B.[ You can prepare more than 1000 employees Form 16 by
this one Excel Utility] Download the utility from below link
Feature of this utility :-
  • Prepare at a time 100 employees Form 16 Part A&B And Part B [Separately]
  • All the new Income Tax Section and New Tax Slab for FY 2014-15 have in this utility
  • Prevent the double entry of PAN and Name of employee automatically
  • Automatic Convert the Amount in to the In words ( without any Excel Formula)
  • Easy to generate and easy to install in any computer
  • Individual Salary Structure ( Early Basis) have in this utility

Deduction U/s 80E ( Educational Loan interest)
Education
loans are a convenient and popular option for many, to meet the cost of
higher education. Did you also know that under Section 80E of the
Income Tax Act, repayment of this education loan could be used to claim a
deduction? Read on to find out, what this section offers and how to
utilize it to your benefit.
    
Deduction in Respect to Repayment of Education Loan
If
you have taken an education loan from any financial institution or an
approved charitable institution, Section 80E provides a tax deduction on
the loan interest that you are paying.
          
Who is Eligible?
Individual assesses only. So, if you are part of an HUF, this deduction cannot be claimed by you.
                          
Deduction Limit
The
entire interest paid on the education loan could be used to claim a
deduction. There is no cap on the deduction amount. However, one needs
to remember, that there is no tax benefit on the principal repayment of
the loan.
           
Scope of Deduction
The
loan should be taken for the sole purpose of higher education. It could
either be for the individual, spouse or children. Loans for the higher
education of siblings, in-laws, nephew or niece, will not qualify for
any deduction. Also, from assessment year 2010-11, deduction could be
claimed for the student for whom the individual or assessee is the legal
guardian.
The
education loan should be taken from either a financial institution or
an approved charitable trust. Loans taken from friends, employer or
relatives do not qualify for a deduction.
          
Courses Eligible for Deduction
From
assessment year 2010-11, the government has extended the benefit in
Section 80E to all streams of studies including regular courses as well
as vocational courses, pursued after passing the Senior Secondary
Examination from a recognized Board. 
      
Education
Loans taken for full time courses only are eligible. Any graduate
course (as mentioned above), or, post-graduate courses in engineering,
medicine, management, applied sciences, mathematics or statistics are
considered for a deduction. No deduction is available for part-time
courses.
           
Deduction Period
The
deduction is available for a total of eight years or till the principal
and interest amount have been repaid, whichever comes earlier. This
eight years would include the year in which the loan repayment starts
and seven years following this year. So even if your loan tenure exceeds
these eight years, no deductions can be claimed beyond this.
          
Key Factors to Keep in Mind
a)
Loan should be in the name of individual claiming deduction. No
deduction can be claimed for loans in the name of parents, spouse or
sibling; even if the loan was taken for your studies.
b) The course need not be pursued in India. Loans for overseas courses are also permissible for a deduction.
c) Deduction would be applicable only when the individual starts repaying the loan.
             
A final word…
The
benefit under section 80E is over and above the tax benefits under
section 80C. So if you have utilized your limit under section 80C, this
could be a further opportunity to reduce your tax outgo.
Download below link the Master of Form 16 Part A&B and Part B for FY 2014-15
If
you need to reduce your time for preparation of Income Tax Form 16 Part
A&B for the Financial Year 2014-15, you can use this Excel Utility,
which can prepare at a time 100 employees Form 16 Part A&B and Part
B.[ You can prepare more than 1000 employees Form 16 by this one Excel
Utility] 
Feature of this utility :-
  • Prepare at a time 100 employees Form 16 Part A&B And Part B [Separately]
  • All the new Income Tax Section and New Tax Slab for FY 2014-15 have in this utility
  • Prevent the double entry of PAN and Name of employee automatically
  • Automatic Convert the Amount in to the In words ( without any Excel Formula)
  • Easy to generate and easy to install in any computer
  • Individual Salary Structure ( Early Basis) have in this utility
Download the utility from below link

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