Tax saving options available only to women helps women in meeting their financial needs as well as empower them towards a secure future. Following are the options through which only women can save taxes:
Tax Saving Options Available Only To Women in India
Sukanya Samridhi Yojana
Sukanya Samridhi Yojana is a scheme that the Indian Government initiated under the campaign called “Beti Bachao, Beti Padhao”. This scheme aims at securing the financial future of the girl child. Further, this schemes provides tax benefits as well as attractive interest rates. The current interest rate under this scheme is 8.2% (subject to change periodically).
Also Read: Best Ways to Save Your Taxes in 2024
The family can avail the benefit of this scheme for maximum two girls. However, the family needs to fulfil three conditions:
– Firstly, the account must be opened at a post office or commercial bank
– Secondly, the account must be opened before the girl child attains the age of 10 years.
– Lastly, a minimum deposit of Rs. 250 is to be made in the particular financial year.
Having said this, the maximum amount that can be invested in Sukanya Samridhi Yojana is Rs. 1.5 lacs. And, the amount so deposited can be claimed as a deduction of an amount of up to Rs. 1.5 lacs under Section 80C of the Income Tax Act. Furthermore, the interest income on such scheme is absolutely tax free.
Stamp Duty Concessions
Apart from the above tax saving options available only to women in India, the Stamp Duty Concessions also help women in reducing their tax liability. There are various States in India that provide stamp duty concessions solely to the women of their respective States. These stamp duty concessions include reduced stamp duty rates, property registration waiver fees, joint ownership benefits to women, stamp duty exemptions on certain transactions such as property inheritance, government housing schemes and many others.
Also Read: Tax Benefits on Home Loan: Know More at TaxHelpdesk
Mahila Samman Savings Certificate Scheme
The last and the most important in tax saving options available only to women in India is Mahila Samman Savings Certificate Scheme. Through this scheme, the Government of India aims to promote savings among women as well as provide them with financial security. Further, this scheme is also available specifically to women and it offers attractive tax benefits as well as tax benefits.
Also Read: Exemptions, Allowances, and Deductions under the Old & New Tax Regime
Income Tax Slab Rates
Till the Financial Year 2011-2012, the Income Tax Slab rates for women were lower than the Income Tax Slab Rates of the men. However, from the Financial Year 2012-2013, gender neutral Income Tax Slab Rates came into force. Thereby, the Income Tax Slab Rates for both women and men are now same.
Also Read: Know About The Income Tax Slab Rates For FY 2023-24
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