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Deduction Of Repayment Of Loan For Higher Studies — Section 80E

[ Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable]

The entire amount of interest paid by an individual or his parent or spouse or guardian during the previous year on a loan for pursuing higher education taken from any financial institution or any approved charitable institution would be allowed as a deduction from the total income. However, no deduction would be allowed for repayment of the principal loan amount. This deduction would be allowed in eight years beginning from the year in which the payment of interest on loan begins. This amendment is made by the Finance Act, 2007 and is effective from the A. Y. 2008-2009. From, the A.Y. 2010-2011 higher education would mean any course of study after passing the Senior Secondary Examination or its equivalent.
 
Deductions Allowed to NRIs in the Computation of Total Income and Tax Payable
1.Tax Benefit Regarding Life Insurance Premium, PPF Contributions, Nscs, Tuition Fees, etc.
2. Deduction For Donations To Certain Funds And Charitable Institutions
3. Deduction In Respect Of Profits And Gains From A New Industrial Undertaking Or Infrastructural Facility
4. Five-Year Tax Holiday To Hospitals At Certain Locations Sec. 80-1B (IIC)
5. Tax Holiday To Enterprises Providing Telecommunication Services, Industrial Parks, New Hotels And Having Commercial Production Of Mineral Oil
6. Five Year Tax Holiday For New Industrial Undertakings In Industrially Backward Areas & Districts
7. Liberalisation Of Tax Holiday Provision For Infrastructure, Telecom Services, Power Generation, Special Economic Zones, Industrial Parks, etc. [ Section 80-IA]
8. Ten Year Tax Holiday In Respect Of Certain Undertakings In Himachal Pradesh, Sikkim, Uttaranchal And N.E. States Section 80-IC
9. Five-Year Tax Holiday For Hotels In Districts Having A World Heritage Site Sec. 801D
10. Tax Holiday For Hotel And Convention Centres In NCT Of Delhi And Other Areas Section 801D
11. Deduction’ In Respect Of Medical Insurance Premia Section 80D
12. Additional Deduction For Health Insurance Premium Paid For Parents Section 80D
13. Deduction Of Repayment Of Loan For Higher Studies Section 80E
14. Deduction In Respect Of Certain Undertakings In North Eastern States
15. Other Deductions Like Depreciation, Etc. To Nonresident Indians



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