Expenses - School children fees

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sajid (Querist)
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24 July 2011 Sir,

Shall we claim deduction under Chapter VI-A
School fees , Tuition Fees of the Children from our Net Profit of the Proprietory Business? if yes what is the limit?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 July 2011 No , you can not claim the tuition fees from your net profit of the business.

However, you can claim it by showing the net profit under the head IFBP and after arriving the gross total income , you can claim Tuition fee under chapter VIA.

In the books you have to debit the fee paid in Capital Account of the proprietor.

Further, Deduction U/s 80C is available from tuition fee within an overall ceiling of Rs. 1.00 lac. No separate limit has been prescribed at present in respect of Tuition Fee.

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