Saving Scheme: Many investment schemes have been introduced by the central and state governments. Which are giving strong benefits on investment. The government has introduced a special tax saving scheme for women. Investing in these gives tax benefits.
It is as important for working women as it is for working men. Now you can also save tax by investing in PPF, NSC, SSY scheme and insurance policy.
Invest in PPF scheme
If you are looking for means to save tax, then PPF is also a great option. On investing in it, you get tax benefits under section 80C of Income Tax. PPF is the right scheme for those investors who want to invest for the long term.
If you invest in PPF scheme for 15 years, then you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. Interest is being received on PPF at the rate of 7.1 percent. With PPF interest rates and tax benefits, it is considered a safe way to accumulate enough.
NSC Scheme
If you are a working woman, you can invest in a small savings scheme of the post office, NSC Certificate. On investing in this, you will get income tax benefits under Section 80C of Income Tax.
Investment in this scheme can be started with a minimum of Rs 1 thousand. Currently, 7.7 percent interest is being given on this scheme. You can claim deduction on any amount deposited for NSC. Its maximum is Rs 1.5 lakh.
Tax will be levied on insurance policy
Women can get tax benefit on life insurance policy taken for their spouse or their child. Under Section 80C of Income Tax, the deduction cannot be more than 10 percent of the insurance amount for a normal person and 15 percent for a person with certain specified diseases
This makes insurance not only a protective measure but also a smart tax saving tool. The premium paid for the policy is eligible for a deduction of Rs 25,000 from your taxable income. By paying premium on health policies of elderly parents, you are eligible for an extra deduction of Rs 30,000 from your taxable income. This helps you in saving more tax.
SSY Scheme
SSY scheme is a tax benefit for working women. This scheme is supported by the government. Especially daughters can invest in it. After this, parents can save for their daughter’s education and marriage. In this, tax benefit is available according to EEE. If you have a daughter, then this scheme is very beneficial.
