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of <h1>Taxpayers can deduct interest on education loans from taxable income for up to 8 years under Income Tax Bill, 2025.</h1> An individual taxpayer can claim a deduction for interest paid on loans for higher education from a financial or approved charitable institution. The loan must be for the taxpayer's or a relative's education, and the payment should come from taxable income. This deduction is available for the initial tax year and the next seven years or until the loan interest is fully paid, whichever is sooner. Definitions include 'approved charitable institution,' 'financial institution,' 'higher education,' 'initial tax year,' and 'relative,' detailing eligibility and scope under the Income Tax Bill, 2025.
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