Women can save lakhs of rupees in income tax
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income tax: Now only 12 days are left for the end of the financial year 2023-24. After this, you will have to pay tax on your income. However, women already have a standard deduction of Rs 50,000 in the tax slab. Even after this, if your tax liability is arising and you want to save your money, then many schemes are being run by the government for this. By investing in this you can save your tax. Let us know what tax saving options are available for women and how you can save maximum money.
You will get the benefit of exemption under these sections
If you deposit your tax in the old regime, then you will get PPF, National Savings Certificate (NSC) under Section 80 of the Income Tax Act.NSC) and Employees Provident Fund (EPF) you directly save Rs 1.5 lakh. At the same time, if you pay the premium of health insurance policy for your husband, children or parents from your account, then you can get exemption under Section 80D. You can also get tax deduction by donating to a religious institution under Section 80G. However, this donation should not exceed 10 percent of your total income.
Also Read: LIC can fulfill your dream of owning your own house, know how and where to apply
Rebate will also be available on home loan payment
If there is a home loan in the name of a woman, then tax exemption can be claimed. Under Section 24 of Income Tax, exemption of up to Rs 2 lakh can be claimed on loan interest. Whereas, for first time home buyer, additional exemption of up to Rs 1.5 lakh can also be claimed under Section 80EEA.
You will get rebate on investment in these schemes
Investing in a scheme is a good option to save income tax. Apart from getting tax exemption on investing in the scheme, you also get better funds at a fixed time. If you have a daughter and her age is less than 10 years, then you can invest in Sukanya Samriddhi Yojana. Apart from this, one can also invest in ELSS mutual funds and public provided funds. By investing in all these schemes, you will get exemption under Section 80C of Income Tax. Whereas, by investing in the National Pension System, you can get an extra deduction of Rs 50 thousand in tax.
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