DECLARATION OF
ASSETS AND LIABILITIES BY PUBLIC SERVANTS UNDER THE SECTION 44 OF THE LOKPAL
AND LOKAYUKTAS ACT, 2013 - EXTENSION OF LAST DATE FOR FILING OF REVISED RETURNS CLICK HERE
PROBATION AND / OR CONFIRMATION OF DIRECT RECRUIT
POSTAL ASSISTANT / SORTING ASSISTANTS IN THE DEPARTMENT OF POSTS
INCOME TAX EXEMPTION /
DEDUCTION ON
INTEREST PAID ON EDUCATION
LOAN
Press Information Bureau
Government of India
Ministry of Finance
05-May, 2015
Section 80E of
the Income-tax Act, 1961 provides that in computing the total income of an
individual, their shall be allowed a deduction of the amount paid by way of
interest on loan taken by him from any financial institution or approved
charitable institution for the purpose of pursuing his own higher education or
higher education of his spouse, or children, or the student for whom he is the
legal guardian. The deduction is available for eight assessment years beginning
with the assessment year in which the payment of interest on such loan is first
made or until the interest is paid in full, whichever is earlier. This
deduction is available to every individual who is liable to income-tax. No
specific funds are earmarked for the purposes of extending tax concession
against interest paid on education loan.
This was stated by Shri Arun
Jaitley, Union Finance Minister in written reply to a question in the Rajya
Sabha today.
EXTRACT
OF SECTION 80E OF INCOME TAX ACT 1961
Under
Section 80E of the Act a deduction will be allowed in respect of repayment of
interest on loan taken for higher education, subject to the following
conditions:
(i)In computing the total income of an
assessee, being an individual, there shall be deducted, in accordance with and
subject to the provisions of this section, any amount paid by him in the
previous year, out of his income chargeable to tax, by way of interest on loan,
taken by him from any financial institution or any approved charitable institution
for the purpose of pursuing his higher education or for the purpose of higher
education of his spouse or children.
(ii) The
deduction specified above shall be allowed in computing the total income in
respect of the initial assessment year and seven assessment years immediately
succeeding the initial assessment year or until the interest referred to above
is paid in full by the assessee , whichever is earlier. For this purpose –
(a)
“approved charitable institution” means an institution established for
charitable purposes and approved by the prescribed authority under clause (2C)
of section 10, or, an institution referred to in clause (a) of sub-section (2)
of Section 80G. Section 80E 35
(b)
“financial institution” means a banking company to which the Banking Regulation
Act, 1949 (10 of 1949) applies (including any bank or banking institution
referred to in section 51 of that Act); or any other financial institution
which the Central 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 its equivalent from any school, board or university
recognised by the Central Government or State Government or local authority or
by any other authority authorised by the Central Government or State Government
or local authority to do so;
(d)
“initial assessment year” means the assessment year relevant to the previous
year, in which the assessee starts paying the interest on the loan.
(e)
relative”, in relation to an individual, means the spouse and children of that
individual or the student for whom the individual is the legal guardian
Source: Press
Information Bureau
POST RETIREMENT BENEFITS
Department
of Personnel & Training has not made any change in instructions contained
in OM No. 22011/4/1998-Estt.(D) dated 12.10.1998 and reiterated vide OM No.
22011/1/2014-Estt.(D) dated 14.11.2014. These instructions provide for
consideration of retired employees, who are within the zone of consideration in
the relevant year(s) while preparing year-wise panel(s) for promotion. Such
retired officials, however, have no right for promotion as they are not
available to assume charge of the higher post.
This was stated by the Minister of
State for Personnel, Public Grievances and Pensions and Minister of State in
the Prime Minister’s Office Dr. Jitendra Singh in a written reply to a question
by Dr. Udit Raj in the Lok Sabha today.
Source: PIB Release, 06.05.2015
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