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Compute Taxable amount of Children Education Allowance.


Prabeer (B. COM (H) CA & CS Final)     19 November 2008

Prabeer
B. COM (H) CA & CS Final 
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Compute Taxable amount of Children Education Allowance for the following two options:

1) Children Education Allowance received by Mr. Y, Rs. 90 p.m. per child for 3 children.

2) Children Education Allowance received Rs. 5000 p.a. Mr. X has 2 children - one aged 7 years another aged 6 months.

avater

Jitender (Chartered Accountant)     19 November 2008

Jitender
Chartered Accountant 
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1 ) 1080

2)assumption: 5000 p.a per child

  taxable amount  : 7600

avater

CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New))     19 November 2008

CMA KNVV Sri Vidya - Sri Kanth
C.A.Final (New) ICWAI FINAL (New) 
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1.)    exemption is Rs.100 per month  for maximum 2 children

so 100 * 12 months * 2 children = 2400 exemption

C.E.A. received is  = Rs. 90  *  3  children *  12 months  =  Rs. 3240

exemption  =  Rs .2400

Taxable =Rs .3240 - RS . 2400 =  RS.840

taxable RS.840

2.)    Received RS . 5000 p.a.  ( assumption per child)

then received = Rs . 10000

EXemption is = Rs . 2400

Taxable = Rs. 7600

    Received RS . 5000 p.a.  ( assumption for both two children)

then received = Rs . 5000

EXemption is = Rs . 2400

Taxable = Rs . 2600

 

 

 

 

 

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Rupesh Maheshwari (ACA, Dip. IFR (ACCA))     19 November 2008

Rupesh Maheshwari
ACA Dip. IFR (ACCA) 
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Originally posted by :PRABEER SARKAR
" Compute Taxable amount of Children Education Allowance for the following two options:
1) Children Education Allowance received by Mr. Y, Rs. 90 p.m. per child for 3 children.
2) Children Education Allowance received Rs. 5000 p.a. Mr. X has 2 children - one aged 7 years another aged 6 months.
"

1. RS. 1080 taxable
 

2. RS. 2600 taxable assuming Rs. 5000 is aggregate allowance recd for both the children

Kush Gangar (Final)     19 November 2008

Kush Gangar
Final 
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Yes, I agree with Mr. Rupesh & Mr. Jitendra
 

a) 1080 - Taxable

b) 2600 taxable

 

avater

Prabeer (B. COM (H) CA & CS Final)     21 November 2008

Prabeer
B. COM (H) CA & CS Final 
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For the solution of the 1st problem I agree with Mr. Jitender , Mr. Rupesh Kalantri & Mr. Kush, as ‘Mr. Y’ is receiving Rs. 90 per month so the exemption amount can’t exceed more than Rs. 90 per child for 2 children. Thus the taxable amount is Rs. 1080.00

But for the 2nd Question I’ve a query i.e., as Mr. X’s second child is only 6 months old thus how can it be justified to claim exemption for his/her (2nd Child’s) education?

 

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Abhai Srivastava (Financial Consultancy)     03 September 2010

Abhai Srivastava
Financial Consultancy 
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I am a bachelor, but am paying school fees of my brother's daughter. My Brother do not have any earning and hence he does not file any ITR. CAN I CLAIM Children Education Exemption? I do not get any Allowance from my employer. 

VNK (Cdr)     02 August 2012

VNK
Cdr 
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I received CEA of Rs. 15,000.00 for one child for one year.  how much tax would be deducted for this?

is 4500.00 as tax the correct figure, if i am in 30% tax bracket?

 


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