19 December 2012
hi. to all experts sir pls let me know the maximum amount of deduction of tution fees of childerns is allowed u/s 80c of income tax act om sai ram
19 December 2012
Tution fees allowable as deduction u/s 80C upto 2 child only and there is no sub limit for tution fees. With aggregate of section 80C deduction doesn't exceed Rs.100000 i.e tution fees upto Rs.100000 allowable.
20 December 2012
thanks to all.but prviate coaching or tutions deduction is not allowed even it is full time , deduction can be claimed for fees of recognised university, colleges , schools.etc om sai ram
20 December 2012
@ jitesh ji, as per my knowledge tutions and coachings are never full time or part time. therefore conclusion is that deduction is available for full time study in school,colleges,university etc. ie no need to see wether the school, colleges, university etc is registered or not. It is allowed for all.
20 December 2012
thanks pankaj sir , my question is that whther deduction for private coachings is also allowed or not . i think it is not allowed . wat u say
20 December 2012
Those institute or college or school which are not registered or recognised by any university or board is considered as private tution even though they provided full day education and considered as private fee and part time fees doesn't considered as full time education fees and doesn't allowed. So tuition fees paid to recognised schools or colleges or universities eligible for deduction. So you are correct jitesh.
20 December 2012
Dear Tirumala sir and jitesh.... You can check the language of sec 80C, which read - "PAYMENT OF TUITION FEES BY AN INDIVIDUAL ASSESSEE AT THE TIME OF ADMISSION OR THEREAFTER TO ANY UNIVERSITY, COLLEGE, SCHOOL, OR OTHER EDUCATIONAL INSTITUTIONS WITHIN INDIA FOR THE PURPOSE OF FULL TIME EDUCATION OF ANY TWO CHILDREN OF THE INDIVIDUAL. THIS BENEFIT IS ONLY FOR THE AMOUNT OF TUITION FEES FOR FULL TIME EDUCATION AND SHALL NOT INCLUDE ANY PAYMENT TOWARDS DEVELOPMENT FEES OR DONATION OR PAYMENT OF SIMILAR NATURE AND PAYMENT MADE FOR EDUCATION TO ANY INSTITUTION SITUATED OUTSIDE INDIA."
There is nothing which says that the educational institute should be registered.
20 December 2012
My above explanation in one word is private education/coaching or part time education means taking coaching classes at the private institutes i.e which are not recognaised by any university or board. If i differ to the meaning of private education or part time education please explain the meaning of private education or part time education.
@pankaj gupta sir, if you are correct i.e to claim tuition fees u/s80c institute need not to be recognised then we i.e CA student expanding nearly Rs.100000 for their CA coaching at several coaching centers during their period of course of their CA coaching is it allowable as deduction u/s80C?
And also please compare your solution with the students who completing their study under distance education mode(i.e open university) they don't have any classes but they attending private collages to get the knowledge in the subjects then is they also claim for 80C tuition fees?
In case private colleges also eligible for 80C tuition fees deduction then each student shall say and treat as full time education and claim deduction and avoid tax. So please explain private collages/institutions or part time education meaning with reference to any law,section or case laws and update my knowledge.
20 December 2012
Dear Tirumala sir, full time education means where any student is registered as a regular student of that institute and regularly visits that college, university, school etc. means not registered as non-collegete. while in distant learning or private education student do not go to such institutes for attending classess. And also CA coaching classes are nothing but a private coaching centers ie tuition centers. And finally by "TUITION FEES" , you are taking the wrong meaning. For full time education in schools,colleges also the total fees paid is not deductible as tution fees. There, total fees is bifurcated in different parts out of which tuition fees is one part. Such bifurcation is possible in full time education only.
21 December 2012
@pankaj gupta still now no clarification. I am saying those institute not registered is considers as private institutes. For best example CA coaching centers doesn't registered or approved then shall we consider it as full time education if student attends the classes regularly and total day time.
21 December 2012
Which audit you are conducting is it tax audit or statutory audit or internal audit or stock audit. Please specify the nature of audit and the business of company and activities of company.
22 December 2012
sir, my firm is statutory auditor of that company. they visit me to condut an audit of that company. bussiness of company:- trading of irrigation parts and grsss cutter , they purshase the goods from u.s.a n sold in india . having two branches also in india.
1) First take the internal audit report if any and consider the points and comments on that report and concentrate the areas if any specially identified by such auditor.
2) Verify stock reports, purchases and sales
3) Verify import duty and sales tax reports etc... according to concern law, act and rules
4) Also verify the branch transaction with the head office and vice-verse and reconcile the account copies of both branches with head office.
5) Most and should concentrate on TDS angle, service tax angle and any other taxes and advance tax.
6) Main concentrate on Directors transaction and their eligibility to do such transactions.
7) first get and read the Memorandum and Articles of association of the company and check the transaction of such company is according to that and following the objective clause.
8) Verify if any special transaction in the year i.e increasing or decreasing of capital, receiving or paying of donation or investing in any other company or industry etc.... if any then verify is they are according to the approval and as per law.
9) Specially concentrate is any funds diverted and the funds if utilized for the personal benefit of directors.
10) Verify employee payment details,etc....
11) Verify is any long period outstanding of creditor or debtors if any take the steps why they are from long period and analysis and get the confirmation from that.
etc..... on which area you deemed to concentrate you will concentrate on it and verify and make your audit.
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