Deduction u/s 80e
This query is : Resolved
NARESH KUMAR SHARMA
(Querist)
17 August 2012
Sir,
As per Income tax act, Deduction U/s 80E is allowed for Interest paid on Education Loan. Kindly advise whether it is based on paid basis or accrual basis.
for Example.
Bank debited Interest Rs. 50000 on education loan, however assessee deposited only 40000/- in loan account during the f.y. 2011-12
Kindly advise which amount can be claimed u/s 80E, whether 50000/- or 40000/-
Regards
Naresh Kumar sharma
As per Income tax act, Deduction U/s 80E is allowed for Interest paid on Education Loan. Kindly advise whether it is based on paid basis or accrual basis.
for Example.
Bank debited Interest Rs. 50000 on education loan, however assessee deposited only 40000/- in loan account during the f.y. 2011-12
Kindly advise which amount can be claimed u/s 80E, whether 50000/- or 40000/-
Regards
Naresh Kumar sharma
Arun Biyani
(Expert)
17 August 2012
paid basis
SANYAM ARORA
(Expert)
17 August 2012
It will be allowed on paid basis
Sanjay Chopra CA
(Expert)
17 August 2012
Deduction is purely based on payment.
Dhirajlal Rambhia
(Expert)
07 October 2021
Rs. 40,000/- only. Balance will be available for deduction in the year of payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- TDS- 2026-27 Q1 Correction
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
