Insertion of new section 80E
Section 23 of the Finance Act, 1994 deals with insertion of new section 80E. Insertion of new section 80 E. 23. After section 80DD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1995, namely:— '80E. The Act was enacted on 13 May 1994.
Insertion of new section 80 E.
23. After section 80DD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1995, namely:—
'80E. Deduction in respect of repayment of loan taken for higher education.—(1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of repayment of loan, taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education, or interest on such loan:
Provided that the amount which may be so deducted shall not exceed twenty-five thousand 'rupees.
(2) The deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the initial assessment year and seven assessment years immediately succeeding the initial assessment year or until the loan referred to in sub-section (1) together with interest thereon is paid by the assessee in full, whichever is earlier.
(3) For the purposes of this section,—
(a) "approved charitable institution" means an institution specified in, or, as the case may be, an institution established for charitable purposes and notified by the Central Government under, clause (23C) of section 10 or an institution referred to in clause (a) of sub-section (2) of section 80G;
(b) "financial institution" means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf;
(c) "higher education" means full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure sciences including mathematics and statistics;
(d) "initial assessment year" means the assessment year relevant to the previous year, in which the assessee starts repaying the loan or interest thereon.'.
[Finance Act, 1994]
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Section 23, The Finance Act, 1994 (Act 32 of 1994).
Cross-references
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Made under this section, and citing it
1 instrument names this provision in its title or its text without being made under it.
Questions about Section 23
What does Section 23 of the Finance Act deal with?
Section 23 of the Finance Act is headed "Insertion of new section 80E". Insertion of new section 80 E. 23. After section 80DD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1995, namely:— '80E.
How do I find court cases under Section 23 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1994 23, section 23 Finance Act 1994, section 23 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 23 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 17), Income-tax Act 80DD (Deduction in respect of maintenance including medical treatment of a dependant who is a person with disability), so none of them can safely be read on its own. One instrument names it without being made under it, most recently finance_act_2017 (2017).
When was Section 23 of the Finance Act enacted?
Section 23 of the Finance Act, cited as Finance Act 1994 23, was enacted on 13 May 1994 as Act 32 of 1994. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5507 words
- 2. Income-tax2077 words
- 16. Insertion of new sections 44AD and 44AE987 words
- 32. Amendment of section 115A828 words
- 45. Amendment of section 234C587 words
- 6. Amendment of section 10557 words
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