1. #1
    Unregistered

    Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    I want to know if it is possible to climb the Education loan to cover the income tax money in company? If so I can show my Educational loan which I had in my college. So can you tell me how to do it? What all process I should take care of?

  2. #2
    Chittaranjan Array
    Join Date
    Jul 2012
    Posts
    658

    Re: Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    My dear friend whereever you do job in company/Govt/PSU everywhere you will get Income Tax rebate up to Rs.100000/-.

    Suppose your installment amount to repay Bank Loan needs above Rs.100000/-you can show full amount of rebate limit.under section 80cc Income Tax Act.

    At the time of Tax calculation you are to show yearly installment.

  3. #3
    prabhu Array
    Join Date
    Jul 2012
    Posts
    453

    Re: Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    Hi,

    Please find the Tax slabs and rate for the year 2012-2013

    Tax slabs Tax rate
    1 - 200000 0%
    200001 - 500000 10%
    500001 - 1000000 20%
    1000001 - 999999999 30%


    Tax exemption can be availed under following cases

    1. Home rent allowance

    2. Sec.80E - Education Loan Repayment

    3. Insurance Policies

    4. Mutual funds , Investments

    You can apply for education loan tax exemption under Sec.80E

    Declare the loan amount paid monthly in the corresponding column in the form

    Keep all the paid proofs carefully and submit at the time of TAX declaration

    After successfull verification and processing , any deducted amount will be refunded



    Thanks @@@@

  4. #4
    Chittaranjan Array
    Join Date
    Jul 2012
    Posts
    658

    Re: Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    Dear sir,every citizen of india who earns above rs.200000/- have to pay income tax.income tax gives few facilities to save income tax.to get facilities you can invest up to 100000/-on few items like you can invest to nsc/ppf/insurance premium/tution fees/hbl installments etc.so your education loan and it's monthly installments can cover(save) income tax money partially or full depend's on your income.

    Thank you,

  5. #5
    Sai Deep Array
    Join Date
    Sep 2012
    Posts
    388

    Re: Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    Hello,

    If you come under tax slab , then you can get tax rebate upto Rs. 10,000/-

    There are several ways of doing it.

    You can get tax exemption on house loan and education loan.

    If you have an education loan and you are still paying the instalments each month then you can directly pay it from your salary account and this way you will get your tax rebate.

    Thank you

  6. #6
    dimple.simple Array
    Join Date
    Dec 2012
    Posts
    15

    Re: Is it possible to climb the Education loan to cover the income tax money in company? What all process I should take care of?

    Hello ,
    There are many ways to save your Money from tax deduction :
    1. Through Education loan
    2.Insurance Policies
    3. House loan
    4.Mutual Investment etc.

    In you case you should have to show your Education loan following your companies procedure for Tax exemption.
    Normally employee has to fill the amount in the tax calculation sheets and in the period of January and February , the verification of the same is done by the company .

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