Tax Credit on Education Expenses

If the taxable income of an individual is less than 1.5 million, then such individual can claim deductable allowance.

Deductable educational allowance shall be lower of the following:

1. 25 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c} of the taxable incomeo of the individual,
2. 5 {1bb28fb76c3d282be6cfd0391ccf1d9529baae691cd895e2d45215811b51644c} of the tution fee paid by the individual,
3. 60,000 multiplied by the number of the children of the individual.

Allowance for educational expenses can be claimed by the parents upon furnishing of the NTN. Alternatively, the educational institute can also claim this allowance on behalf of the student.

In no circumstances, the employer will cosnider educational expenses for the purpose of withholding tax from salary income.