Children Educational Allowance Exemption: 4 Ways to Save Taxes!

If you work for a government-recognized company, you may be eligible for the Children's Educational Allowance under Section 10(14) of the Income Tax Act of 1961 and the Tuition Fee Tax Deduction under Section 80C. You should be eligible for both in order to maximize your benefits. While the tax deduction can help you save money during your child's formative years of education, don't forget to also create a long-term strategy for higher education.