Tax Saving Schemes: Women Can Also Save Tax Of Lakhs Of Rupees, Know Some Great Options

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Tax Saving Options For Women: There are several tax exemption schemes run in India, under which an eligible person can take advantage of them. Some tax benefits are also given to women in India. In such a situation, if a woman wants to avail the schemes, she should avail them very carefully. Tax planning can help women manage their income, save money and achieve their financial goals.

Here is some information regarding tax exemptions for women, under which you can save tax. Let us know what tax saving options are available for women.

What is the option to save tax?

Women on their income Rs. Can claim standard deduction upto 50,000

Under Section 80C of Income Tax, tax saving schemes like Public Provident Fund (PPF), National Savings Certificate (NSC) and Employees Provident Fund (EPF) up to Rs. Savings up to 1.5 lakhs can be made.

Under Section 80D, tax can be saved on premiums paid for health insurance policies for self, spouse, children and parents.

Donations made to charitable organizations are eligible for deduction under section 80G.

Where does one invest to save tax?

Sukanya Samriddhi Yojana: If your daughter is aged 10 seven or below, you can opt for Sukanya Samriddhi Yojana and invest annually in your daughter’s name till she turns 21. It is a high compensation scheme and also tax exempted under section 80C.

Equity-Linked Savings Scheme: An individual can invest in ELSS mutual funds to enjoy tax benefits under Section 80C.

Public Provided Fund: PPF is a tax saving scheme with an annual contribution of Rs. 1.5 lakh can be invested and tax exemption can be claimed under section 80C. This is a long term investment plan.

National Pension System (NPS): NPS under Section 80CCD(1B) Rs. Offers an additional deduction of up to 50,000.

Tax exemption on home loan also

If the home loan is taken in the name of a woman, tax exemption can be claimed on the home loan. Under Section 24 of Income Tax, a deduction can be claimed on interest up to Rs 2 lakh per year. At the same time, under Section 80EEA, a first-time home buyer on home loan interest of Rs. Can claim an additional deduction of up to 1.5 lakhs.