Budget may not introduce big changes. However there can be some small changes in tax rates, tax slabs and modifications in instruments that fetch tax exemption.
The income earned in a year, is taxable in the following year. For tax purposes, the year in which income is earned is known as previous year and the following year in which it is assessed and considered taxable, is known as assessment year.
One can get tax benefits on many expenses and investments made in your child‘s nam. This includes a wide variety of expense heads and investments. Most of these investments fall under the ambit of Sec 80C within the Rs 1 lakh limit.
Pankaj Mathpal of Optima Money Managers suggests that education loan should be taken in the name of student. So that student can claim the benefit under Section 80E.
It February again and like every year the lists come out with everyone‘s expectations from the Finance Minister. It‘s a different matter altogether that the expectations have not always been satisfied completely.
In an interview to CNBC-TV18, Anil Rego of Right Horizons talked about what is the best way for students to avail an education loan. He also gave some options on how one can apply for educational loan if they don‘t have any residence proof.