Education loan deduction allows individuals to deduct repayment or interest for higher education loans across initial and subsequent assessment years. Individuals may deduct from taxable income amounts paid as repayment of principal or interest on loans taken for full time higher education from specified financial institutions or approved charitable institutions, subject to a monetary ceiling and allowable in the initial assessment year when repayment commences and for seven succeeding years or until full repayment, whichever is earlier; the section also defines approved charitable institution, financial institution, higher education, and initial assessment year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Education loan deduction allows individuals to deduct repayment or interest for higher education loans across initial and subsequent assessment years.
Individuals may deduct from taxable income amounts paid as repayment of principal or interest on loans taken for full time higher education from specified financial institutions or approved charitable institutions, subject to a monetary ceiling and allowable in the initial assessment year when repayment commences and for seven succeeding years or until full repayment, whichever is earlier; the section also defines approved charitable institution, financial institution, higher education, and initial assessment year.
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