Kuldeep Singh 22 January 2020
I paid amount of Rs 80,000 as tution fees of my son who is studing in Class 1 on 10/01/2019 (FY 2018-19). That time my office accountant told me that "you can not show this tution fees in same financial year FY 2018-19 so if you want to show this amount for income tax rebate under section 80C (max 1.5 L) then show this fees amount in next financial year FY 2019-20 . is it true ?
Kapadia Pravin 22 January 2020
Deduction available on payment basis: –
Deduction under this section is available on payment basis. Fees may be related to any period. For example feed paid for April 2019 if Paid in March 2019 will be eligible for deduction u/s. 80C in A.Y. 2019-20.
Tuition Fees does not include -
1. Development fees or donation not eligible.
2. Transport charges, hostel charges, Mess charges, library fees, scooter/cycle/car stand charges incurred for education are not allowed.
3. Late fees is not eligible for deduction.
4. Term Fees is not eligible for deduction.
5. No deduction for part time or distance learning courses.
6. no rebate for private tuition.
7. Building fund or any donation etc not allowed.
Note: Above list is not exhaustive.
CA.Anurag Gupta 23 January 2020
Pls understand the difference between FY (Financial Year) and AY (Assessment Year)
For FY 2018-19 the relevant AY is 2019-20
The accountant must have said that for FY 2018-19 u can claim deduction in AY 2019-20