Context :
Offer Tax deductions for Skill
development, proposes govt agency .. TOI …
15 July 2024
Extract :
Several tax benefits for skilling have been proposed in the Budget
by National Skill Development Corporation as the govt seeks to align it with
formal education.
In its presentation to the finance ministry, the
govt agency has proposed extending several benefits –
> deductions on tuition fees and interest on loans,
> exemptions for scholarships,
> lower tax rates for for-profit skilling institutions,
> exemptions to educational institutions to skilling
programmes,
> ensuring tax exemptions for training institutes and
> enhanced deductions for skilling expenditures, apart from
> changes to the Goods and
Services Tax (GST) regime
In the amendments sought under the direct tax laws, it proposed to add
an explanation to clarify that 'education' includes skill development programmes and
training conducted by training institutes, which will enable them to be
eligible for seeking exemptions
applicable to trusts.
"This will enable institutions to function
at a lower cost and make the programme more affordable and of better quality as well as enhance
access," said an official of NSDC. The proposal
also sought deduction to
individuals on donations made to training institutes providing skilling
courses.
The skilling body and the skill development ministry have argued that govt
has focused on education, providing a slew of incentives and exemptions to
educational institutions, which significantly improved India's literacy ratio.
"These changes aim to align
skilling with formal education, providing extensive tax benefits and incentives to
skilling institutions, thereby making skilling more accessible and
affordable," a senior official told TOI.
In line with provisions for not-for-profit
universities and other educational institutions, it also proposed exemption from Income tax.
To boost its
growth and expand its reach to its target trainees at affordable pricing, it is
recommended lower tax
rates for new skilling training centres.
Other recommendation includes extending deduction on tuition fees
to skill training institutes, encouraging individuals to upskill/ reskill and easing financial burdens, interest
on loans for vocational and skill development training will be eligible
for tax deductions, promoting higher
participation in skilling, and interest on loans for vocational and skill
development training will be eligible for tax deductions, promoting higher
participation in skilling. Tax exemption is also sought for scholarships for
skill development courses.
Thank You, Smt Sonal Misraji
[ Joint Secretary, Ministry of Skill Development and Entrepreneurship / sonal.mishra@gov.in ]
Thank you for incorporating my suggestions (
sent through following emails ) in your presentation to the Finance Minister . I
hope that these will get accepted – and get announced in the Budget Speech on
23rd inst .
With regards,
Hemen Parekh
www.My-Teacher.in / 16
July 2024
Past 95 E Mails sent to
Cabinet Ministers :
2013 ( 1 )
Rejoice You Jobless ! ………………………………………[ 03
Sept 2013 ]
2015 ( 2 )
Make in India is Skilling India…………………………..[
17 July 2015 ]
2016 ( 3 )
Skill Capital of the World ? ……………………………[
06 June 2016 ]
Harness " Greed " to " Skill India "……………….[
19 June 2016 ]
From BAD to
MAD ………………………………….. [ 01 June
2016 ]
2017 ( 3 )
No mere Relief : A Game
Changer ……………[ 20 Dec 2017 ]
Discovering the Obvious ? ………………………….[ 30 Nov 2017 ]
Universal Basic Income …………………………….[ 20 Jan 2017 ]
2018 ( 2 )
Starting a Virtuous Circle …………………………………[17
Dec 2018 ]
Of Interns and Apprentices ………………………………[
07 Jan 2018 ]
2019 ( 4 )
Thank You, Prakashbhai ( Javadekarji ) ……………………..[
03 Apr 2019 ]
Congratulations , Anilbhai Naik ……………………………………[
08 Feb 2019 ]
Organizing the Unorganized ………………………………………….[
04 Feb 2019 ]
Paralyzed by Policy Revisions ? …………………………………….[ 27 Mar 2019 ]
2020 ( 3 )
Human Resource Capital of the World ?
…………………….....[ 23 Nov 2020 ]
Congratulations, Shri Ajit Pawar / Shri Nawab Malik ……..[
06 Mar 2020 ]
Congratulations, TATA………………………………………………………[ 27 Dec 2020 ]
2021 ( 4 )
ApprenticeShip : Unanchored and ready to sail ?
………….[ 08 Feb 2021 ]
National Skills University : Virtual
is the only way……….. [ 03 Apr
2021 ] – links to 64 other E-Mails
Small Steps for Small Firms ? Not enough………………………[
07 Mar 2021 ]
Gaining Ground : Virtually ………………………………………………[
01 Mar 2021 ]
2022 ( 5 )
Apprenticeship : Half Way house ? ………………………………. [ 29 Mar 2022 ]
Skilling 300 Million ? Here is a way,
Shri Pradhanji ……..[ 29
June 2022 ]
Skilling for World ? Here is why – how ! ………………………..[ 30 May 2022 ]
Apprentices : Hire Any Number without
paying Wages ? [ 28 Jan
2022 ]
Thank You, Shri Dharmendra Pradhanji …………………………[ 02 July 2022 ]
2023 ( 4 )
Revamping for Skilling : at last ……………………………………….
23 Jan 2023
Apprenticeship Scheme : Details
Tally … ………………… 02
Feb 2023
On the Job Training : a Vindication…………………………………
01 Feb 2023
Apprenticeship
Scheme : Govt listened to my suggestions……………….. 28 Nov 2023
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